Contents The corporate logo comprises the word BERJAYA in gold and a symbol made up of closely interwoven Bs in rich cobalt blue with gold lining around the circumference and a gold

Con

tent

s 57 Financial Statements

243 Material Properties of the Group

251 Material Contracts

251 Additional Information

252 Group Addresses

256 Recurrent Related Party Transactions of a Revenue Nature

263 Statement of Directors’ Shareholdings

266 Statistics on Shares and Convertible Securities

274 Notice of Annual General Meeting

Form of Proxy

The corporate logo comprises the word BERJAYA in gold and a symbol made up of closely interwoven Bs in rich cobalt blue with gold lining around the circumference and a gold dot in the centre.

BERJAYA means “success” in Bahasa Malaysia and reflects the success and Malaysian character of Berjaya Corporation’s core businesses. The intertwining Bs of the symbol represent our strong foundations and the constant synergy taking place within the Berjaya Corporation group of companies. Each B faces a different direction, depicting the varied strengths of the companies that make up the Berjaya Corporation group of companies.

Kenny Rogers Roasters’ signature

Quarter Meal.

Mazda3 SKYACTIV. Artist’s impression of Jesselton Villas, Penang.

01 Corporate Profile

02 Corporate Information

03 Profile of Directors

10 Chairman’s Statement

23 Management Discussion & Analysis

38 Corporate Structure

40 Group Financial Summary

41 Group Financial Highlights

42 Statement on Corporate Governance

52 Statement on Risk Management and Internal Control

54 Audit Committee Report

Berjaya Corporation Berhad (554790-X) Annual Report 2014 1

Corporate Profile

The history of the Berjaya Corporation group of companies dates back to 1984 when its

Founder, Tan Sri Dato’ Seri Vincent Tan Chee Yioun acquired a major controlling stake in

Berjaya Industrial Berhad (originally known as Berjaya Kawat Berhad and now known as

Reka Pacific Berhad) from the founders, The Broken Hill Proprietary Company Limited,

Australia and National Iron & Steel Mills Limited, Singapore. The shareholding change also

resulted in a major change in the business, direction and the dynamic growth of a diversified

conglomerate under the flagship of Berjaya Corporation Berhad (“BCorp”).

In October 1988, following a major restructuring, BerjayaGroup Berhad (then known as Inter-Pacific Industrial Group Berhad) became the holding company of Reka Pacific Berhad.

Inter-Pacific Industrial Group Berhad (formerly known as Raleigh Berhad) was incorporated in 1967 as a bicycle manufacturer. In 1969, the Company gained official listing on Bursa Malaysia Securities Berhad (“Bursa Securities”).

BCorp assumed the listing status of Berjaya Group Berhadon the Main Market of Bursa Securities upon the completion of the group restructuring exercise in October 2005 and the listing of the new shares on 3 January 2006.

With a total employee strength of 16,000, the Group is a diversified entity engaged in the following core businesses:

• Consumer Marketing, Direct Selling and Retail;• Financial Services;• Hotels, Resorts, Vacation Timeshare and Recreation Development;• Property Investment and Development;• Gaming and Lottery Management;• Environmental Services and Clean Technology Investment;• Motor Trading and Distribution;• Food and Beverage;• Investment Holding and others.

Seaview Chalet, Berjaya Langkawi Resort, Kedah. Living Room – The Ritz-Carlton Residences, Kuala Lumpur.

Berjaya Corporation Berhad (554790-X) Annual Report 20142

BOARD OF DIRECTORS

Chairman/Chief Executive OfficerDato’ Robin Tan Yeong Ching

Executive DirectorsChan Kien SingFreddie Pang Hock ChengRayvin Tan Yeong SheikVivienne Cheng Chi FanDato’ Azlan Meah Bin Hj Ahmed MeahDato’ Zurainah Binti Musa

Non-Independent Non-Executive DirectorDato’ Dickson Tan Yong Loong

Independent Non-Executive DirectorsTan Sri Datuk Abdul Rahim Bin Haji DinDato’ Hj Md Yusoff @ Mohd Yusoff Bin JaafarDatuk Robert Yong Kuen LokeMohd Zain Bin AhmadDr Jayanthi Naidu A/P G. Danasamy

AUDIT COMMITTEE

Chairman/Independent Non-Executive DirectorTan Sri Datuk Abdul Rahim Bin Haji Din

Independent Non-Executive DirectorsDato’ Hj Md Yusoff @ Mohd Yusoff Bin JaafarDatuk Robert Yong Kuen LokeMohd Zain Bin Ahmad

SECRETARIES

Su Swee Hong(MAICSA No. 0776729)Gan Swee Peng(MAICSA No. 7001222)

SHARE REGISTRAR

Berjaya Registration Services Sdn BhdLot 06-03 Level 6, East WingBerjaya Times SquareNo. 1 Jalan Imbi55100 Kuala LumpurTel : 03 - 2145 0533Fax : 03 - 2145 9702

AUDITORS

Ernst & Young (AF: 0039)Chartered Accountants

REGISTERED OFFICE

Lot 13-01A, Level 13 (East Wing)Berjaya Times SquareNo. 1 Jalan Imbi55100 Kuala LumpurTel: 03 - 2149 1999Fax: 03 - 2143 1685

PRINCIPAL BANKERS

Malayan Banking BerhadAmBank (M) BerhadCIMB Bank BerhadRHB Bank BerhadOCBC Bank (Malaysia) Berhad

STOCK EXCHANGE LISTING

Main Market of Bursa Malaysia Securities Berhad

STOCK SHORT NAME

BJCORP (3395)

PLACE OF INCORPORATION AND DOMICILE

Malaysia

Corporate Information

Profile of Directors

DATO’ ROBIN TAN YEONG CHING40 years of age, Malaysian(Chairman/Chief Executive Officer)

He was appointed to the Board of the Company as an Executive Director on 21 December 2006. He was later appointed as the Chief Executive Officer (“CEO”) of the Company on 1 January 2011 and subsequently as the Chairman/CEO of the Company on 23 February 2012.

He graduated with a Bachelor of Social Science degree in Accounting/Law from the University of Southampton, United Kingdom, in 1995. He joined Berjaya Group Berhad in 1995 as an Executive and subsequently became the General Manager, Corporate Affairs in 1997.

Currently, he is the CEO of Berjaya Sports Toto Berhad, an Executive Director of Sports Toto Malaysia Sdn Bhd and the Executive Chairman of Berjaya Food Berhad. He is also the Chairman of Berjaya Media Berhad, Sun Media Corporation Sdn Bhd and Informatics Education Ltd, Singapore and a Director of Atlan Holdings Bhd, Berjaya Sompo Insurance Berhad, KDE Recreation Berhad and Berjaya Golf Resort Berhad. He also holds directorships in several other private limited companies in the Berjaya Corporation group of companies. He has also been appointed as a Commission Member of the Companies Commission of Malaysia with effect from 16 January 2014.

His brother, Rayvin Tan Yeong Sheik, and his cousin, Dato’ Dickson Tan Yong Loong, are also members of the Board while his father, Tan Sri Dato’ Seri Vincent Tan Chee Yioun is a major shareholder of the Company.

Dato’ Robin Tan Yeong Ching is a member of the Remuneration Committee of the Company.

CHAN KIEN SING58 years of age, Malaysian(Executive Director)

He was appointed to the Board of the Company as an Executive Director on 15 September 2005.

He is a member of The Malaysian Institute of Certified Public Accountants and Malaysian Institute of Accountants. Having articled with Messrs Peat Marwick Mitchell (now known as KPMG) from 1975 to 1981, he subsequently joined Arab-Malaysian Merchant Bank Berhad (now known as AmInvestment Bank Berhad) specialising in corporate finance until 1989 when he joined Berjaya Group Berhad.

Currently, he is an Executive Director of Berjaya Sports Toto Berhad, Berjaya Media Berhad and 7-Eleven Malaysia Holdings Berhad. He is also the Managing Director of Sun Media Corporation Sdn Bhd and a Director of Berjaya Assets Berhad, Berjaya Capital Berhad, Intan Utilities Berhad, Berjaya Vacation Club Berhad, Berjaya Group Berhad, Berjaya Retail Berhad and International Lottery & Totalizator Systems Inc, United States of America. He also holds directorships in several other private limited companies.

Chan Kien Sing is a member of the Risk Management Committee of the Company.




FREDDIE PANG HOCK CHENG59 years of age, Malaysian(Executive Director)


He began his career with a predecessor firm of Messrs Ernst & Young where he worked for seven years until 1982 during which he qualified for entry as a member of the Malaysian Institute of Certified Public Accountants. He is also a member of the Malaysian Institute of Accountants. Thereafter, he joined the Corporate Advisory Department of Malaysian International Merchant Bankers Berhad where he was actively involved in a wide variety of corporate exercises in an advisory capacity until his departure in 1990 to join Berjaya Group Berhad.

He is currently the Chairman of Intan Utilities Berhad, an Executive Director of Berjaya Sports Toto Berhad and a Director of Berjaya Group Berhad, Berjaya Vacation Club Berhad and TMC Life Sciences Berhad. He also holds directorships in several other private limited companies.

Freddie Pang Hock Cheng is a member of the Risk Management Committee of the Company.

RAYVIN TAN YEONG SHEIK35 years of age, Malaysian(Executive Director)


He graduated with a Bachelor of Science (First Class Hons) degree in Accounting and Finance from the London School of Economics, United Kingdom, in 2000.

He joined the Berjaya Group of Companies in May 2001 and was subsequently appointed to the position of Executive Director of Berjaya Group Berhad in May 2002.

Currently, he is also a Director of International Lottery & Totalizator Systems Inc, United States of America and several other private limited companies.

His brother, Dato’ Robin Tan Yeong Ching, and his cousin, Dato’ Dickson Tan Yong Loong, are also members of the Board while his father, Tan Sri Dato’ Seri Vincent Tan Chee Yioun is a major shareholder of the Company.



VIVIENNE CHENG CHI FAN55 years of age, Malaysian(Executive Director)

She was appointed to the Board of the Company as an Executive Director on 15 September 2005.

She obtained her Bachelor degree in Economics (Accounting) from Monash University, Australia in 1982 and was subsequently admitted as a member of the Australian Society of Accountants.

She has over 27 years of working experience in the field of treasury and finance with broad expertise in project finance, debt capital raising, corporate and debt restructuring and treasury cash management. Prior to joining the Treasury Department of Berjaya Group Berhad in 1989, she was attached to Sunway Group of Companies for 6 years and headed its Treasury Division.

Currently, she is also a Director of Berjaya Group Berhad and several private limited companies in the Berjaya Corporation group of companies.

Vivienne Cheng Chi Fan is a member of the Risk Management Committee of the Company.

DATO’ AZLAN MEAH BIN HJ AHMED MEAH58 years of age, Malaysian(Executive Director)


He furthered his education at Bunker Hill Community College, Boston, United States of America. He began his career in Berjaya Group of Companies (“the Group”) in 1986 as Business Development Manager and was the Senior General Manager (Corporate Services & Information) prior to his current appointment.

He has over 26 years of working experience in the Group and has played a major advisory role in the Group’s projects in the field of privatisation, infrastructure, air transportation, recreational and hotel resort development. He also represented the Group effectively in corporate and governmental relations, negotiations and the Group’s new business ventures.

Currently, he is also a Director of Berjaya Hills Berhad, Berjaya Group Berhad, Bukit Kiara Resort Berhad and KDE Recreation Berhad. He also holds directorships in several other private limited companies in the Berjaya Corporation group of companies.



DATO’ ZURAINAH BINTI MUSA52 years of age, Malaysian(Executive Director)

She was appointed to the Board of the Company as an Executive Director on 13 January 2012.

She obtained her Post Graduate diploma in Human Resource Management from University of Newcastle, Australia in 1997. She also holds diplomas in Occupational Health And Safety from University of New South Wales, Australia and Secretarial Science from the MARA Institute of Technology.

She started work in 1983 and was working in senior capacities for several organisations, both locally and internationally before she joined Permata Kancil (M) Sdn Bhd in 1995. She was the Managing Director of Permata Kancil (M) Sdn Bhd, a company involved in human resource management and consultancy, when she left in 2010.

She has more than 15 years of experience in the field of Human Resource Management and Development as well as Human Relationship Management. Her experience includes inter-alia, the designing, developing, managing, organising and conducting training programmes, seminars and courses as well as the provision of consulting services relating to the various aspects of human resource development and management for organisations in Malaysia, Australia, United States of America, Indonesia and the Middle East.

Currently, She is a Director of Berjaya Food Berhad, Bukit Kiara Resort Berhad, Tioman Island Resort Berhad and several other private limited companies.

She is also an Executive Director of Berjaya Times Square Sdn Bhd and also a Director of several subsidiaries of Berjaya Assets Berhad.

DATO’ DICKSON TAN YONG LOONG33 years of age, Malaysian(Non-Independent Non-Executive Director)

He was appointed to the Board of the Company on 30 March 2011.

He graduated with a Bachelor of Science (Honours) degree in Business Management from King’s College, University of London, United Kingdom in 2002. He obtained a Master of Science in Internal Auditing and Management from Cass Business School, City University, United Kingdom in 2003.

He started his career with CIMB Securities Sdn Bhd as an Equities Analyst in 2004 and joined Dijaya Corporation Berhad (now known as Tropicana Corporation Berhad) as Business Development Manager in 2005. He is presently the Deputy Group Chief Executive Officer of Tropicana Corporation Berhad (“Tropicana”) and he is currently overseeing group corporate strategy, marketing planning and risk management of the Tropicana group of companies. He is also a Director of several other local and international private limited companies involved in manufacturing, services, media, leisure, retail, property development and property investment.

He also holds directorships in Berjaya Land Berhad, Berjaya Sports Toto Berhad, Berjaya Assets Berhad, Tropicana Golf & Country Resort Berhad, TT Resources Berhad.

He is affiliated with certain non-profit organisations, including as a trustee of the Tropicana Foundation, a member of the Kuala Lumpur Business Club and a member of the Malaysian Institute of Management.

His cousins, Dato’ Robin Tan Yeong Ching and Rayvin Tan Yeong Sheik, are also members of the Board while his uncle, Tan Sri Dato’ Seri Vincent Tan Chee Yioun is a major shareholder of the Company.



TAN SRI DATUK ABDUL RAHIM BIN HAJI DIN75 years of age, Malaysian(Independent/Non-Executive Director)

He was appointed to the Board of the Company on 15 September 2005.

He graduated with a Bachelor of Arts (Economics) degree from Universiti Malaya in 1963 and obtained his Master of Business Administration from the University of Detroit, United States of America in 1976.

Prior to joining Berjaya Group Berhad, he served as the Secretary-General in the Ministry of Home Affairs from 1992 until his retirement in September 1996. From 1987 to 1991, he was the General Manager of the Employees Provident Fund before becoming the Deputy Group Chief Executive Officer of Permodalan Nasional Berhad, a post he held from 1991 to 1992. Prior to this date, his career in the Government Civil Service covers also a number of years in the Ministry of Trade And Industry, the Economic Planning Unit of the Prime Minister’s Department and the Ministry of Finance. Currently, he is also a Director of Eastspring Investment Berhad.

Tan Sri Datuk Abdul Rahim Bin Haji Din is the Chairman of the Audit Committee, Nomination Committee, Remuneration Committee and Risk Management Committee of the Company.

DATO’ HJ MD YUSOFF @ MOHD YUSOFFBIN JAAFAR67 years of age, Malaysian(Independent/Non-Executive Director)


He graduated from the University of Science Malaysia, Penang in 1978 with a Bachelor of Social Science (Hons) degree majoring in Political Science and minoring in Ethnic Relations.

He began his 34-year career with the Royal Malaysian Police Force as a trainee Probationary Inspector in 1969. He was selected to the Special Branch Department the following year where he held various commanding positions. Between 1983 and 1990, he was Head of the Special Branch in Terengganu before being seconded to the Head Office at Bukit Aman, Kuala Lumpur, where he served for a period of 2 years. He was then posted to the Special Branch Training Institution, Jalan Gurney, Kuala Lumpur as a Commandant before his promotion as Deputy Chief Police Officer of Penang and Pahang. Prior to his retirement in May 2003, he was in Terengganu as the Chief Police Officer of the State and his last commanding post in the police was as the Commissioner of Police, Sarawak. He is also actively involved in various community organisations and has served as the Special Advisor to the Ministry of Social Development and Urbanisation Sarawak.

He also holds directorships in several other private limited companies.

Dato’ Hj Mohd Yusoff Bin Jaafar is a member of the Audit Committee, Nomination Committee, Remuneration Committee and Risk Management Committee of the Company.



DATUK ROBERT YONG KUEN LOKE62 years of age, Malaysian(Independent Non-Executive Director)


He is a Fellow member of The Institute of Chartered Accountants in England and Wales and a member of the Institute of Singapore Chartered Accountants and the Malaysian Institute of Accountants. He is also a Council Member of the Malaysian Institute of Certified Public Accountants and presently serves as a member of its Executive Committee. He has many years of working experience in the fields of accounting, audit, treasury and financial management. He started his career in London in 1973 and worked there for more than five years with chartered accounting firms. Subsequently, he was with Price Waterhouse, Singapore from 1979 to 1982. From 1983 to 1986, he served as Group Finance Manager in UMW Holdings Berhad and Group Treasurer in Edaran Otomobil Nasional Bhd. He joined Berjaya Group of Companies in 1987 until his retirement as Executive Director on 30 November 2007 and is currently an Independent Non-Executive Director of the Company.

He is also a Director of Berjaya Land Berhad, Berjaya Sports Toto Berhad and Berjaya Assets Berhad.

Datuk Robert Yong Yuen Loke is a member of the Audit Committee, Nomination Committee and Risk Management Committee of the Company.

MOHD ZAIN BIN AHMAD62 years of age, Malaysian(Independent/Non-Executive Director)


He holds a Bachelor of Law degree from the University of Buckingham, England and a Certificate in Legal Practice. He also holds Diplomas in Syariah Law & Practice from International Islamic University Malaysia and Public Administration from Universiti Teknologi MARA.

He began his career with the Royal Malaysian Police Force as a police inspector in 1971. He was promoted to Assistant Superintendent of Police in 1980 and served until 1986. He was admitted as an Advocate and Solicitor of the High Court of Malaya on 25 October 1986 and is currently a practising solicitor. He is also a member of the State Legislative Assembly for the Penaga Constituency in the State of Penang.

Mohd Zain Bin Ahmad is a member of Audit Committee of the Company.



DR JAYANTHI NAIDU A/P G. DANASAMY38 years of age, Malaysian(Independent/Non-Executive Director)

She was appointed to the Board on 13 January 2012.

She obtained her LLB (Hons) in 2000 and her LLM (Distinction) in 2004 from University Malaya. She obtained her PhD in the area of sustainable corporate practices from Queen Mary, University of London, United Kingdom in 2008. She is also a member of the Malaysian Bar (non-practising).

Dr Jayanthi started her career as a Prosecuting Officer with the Securities Commission of Malaysia in 2001 before taking up academic positions both in Malaysia and the United Kingdom, from 2002 till 2006. During her tenure in the UK, she also worked with international corporations advising them on their sustainability strategies. She has wide experience working at Board and Senior Management levels with clients and business partners. She was previously the Executive Director of the Malaysian Centre of Regulatory Studies, University Malaya. As an experienced trainer, she has also conducted training and provided lectures for institutions across Asia, Europe and the Middle East, in various sustainability and community investment areas.

Currently, she is the Managing Director of Synergio Global Sdn Bhd (“Synergio”), a sustainability strategy consultancy. In this role, she is involved in advising companies and institutions across Asia with regards to sustainability strategies. She is also a Director of several companies linked to Synergio.

Save as disclosed, none of the Directors have:-

1. Any family relationship with any directors and/or major shareholders of the Company;

2. Any conflict of interest with the Company; and

3. Any conviction for offences within the past 10 years other than traffic offences.


Chairman’s Statement

On behalf of the Board of Directors of Berjaya Corporation Berhad (“BCorp”), I am pleased to present the Annual Report and Financial Statements for the financial year ended 30 April 2014.

FINANCIAL RESULTS

The Group registered higher revenue of RM8.73 billion as compared to RM7.38 billion last year, mainly attributed to an increase in revenue from the marketing of consumer products and services, and property investment and development segments. The motor distribution business reported a higher revenue due to higher sales volume and consolidation of H.R. Owen Plc’s (“H.R. Owen”) revenue. The hotels and resorts business reported higher revenue as a result of improved occupancy rates and average room rates, while the property investment and development business reported higher progress billings from its ongoing projects and certain projects that were launched during the financial year. The Group’s profit from ongoing operations was higher at RM860.44 million as compared to the previous financial year’s profit from operations of RM695.90 million, mainly due to contributions by the hotels and resorts and the property investment and development segments, as well as the motor distribution business. However, Group pre-tax profit was lower at RM523.87 million for the financial year under review as compared to RM575.26 million last year mainly due to impairment of certain goodwill, property, plant and equipment. The motor distribution business recorded a higher pre-tax profit mainly due to higher revenue and improved gross profit margin for certain popular models, while the hotels and resorts business reported higher profit contribution mainly arising from higher revenue and the realised gain on disposal of Berjaya Singapore Hotel. The property investment

and development business also reported higher profit contribution due to higher revenue from its ongoing projects and certain projects that were launched during the financial year ended 30 April 2014. The gaming business recorded a lower pre-tax profit mainly due to the higher prize payout and higher corporate exercise expenses incurred in the financial year, while the retail distribution business recorded a loss as it has been consolidating its operations to focus on proven markets and exit from unfavourable markets.

DIVIDEND

The Board recommends a final dividend of 1% single-tier dividend per share for the approval of shareholders at the forthcoming annual general meeting. The entitlement date and the payment date of the proposed final dividend are disclosed on Page 277 of this Annual Report.

SIGNIFICANT CORPORATE DEVELOPMENTS

Following the previous year’s report, the Group proposed and completed several corporate exercises and I wish to highlight the following significant corporate developments :

(1) On 2 December 2013, Berjaya Sports Toto Berhad (“BToto”) announced that its board decided not to proceed with the proposed listing of Sports Toto Malaysia Trust (“STM-Trust”) on the Main Board of the Singapore Exchange Securities Trading Limited (“Proposed Listing”) after considering the challenging market conditions and the poor performances of the listed yield stocks such as real estate investment trusts and other business trusts in Singapore.

On 21 January 2014, BToto announced that following the abortion of the Proposed Listing, the relevant parties have unwound the transfer of BToto’s 100% equity interest in Sports Toto Malaysia Sdn Bhd (“Sports Toto”) to STM-Trust which was completed on 31 October 2013 and Sports Toto has been reverted back as a 100% direct subsidiary company of BToto.

(2) On 16 August 2013, BCorp announced that Berjaya Group Berhad (“BGroup”), its wholly-owned subsidiary company, had incorporated a wholly-owned subsidiary company in Korea under the name of Berjaya HR Cafe Korea Limited (“BHRC”). BHRC has an initial paid-up share capital of KRW50 million

A H.R Owen showroom in London, United Kingdom.



(or about RM142,000) comprising 10,000 ordinary shares of KRW5,000 each (or about RM14). The intended business is to operate a franchised food and beverage business in Korea.

(3) On 17 July 2013, Berjaya Philippines Inc. (“BPI”) made a cash offer to acquire the entire issued share capital of H.R. Owen at an offer price of 130 pence per share and subsequently increased the offer price to 170 pence per share (“Offer”).

On 23 September 2013, the Offer was declared wholly unconditional with BPI being the beneficial owner of over 50% equity interest in H.R. Owen. BPI’s shareholdings in H.R. Owen was further increased to 71.2% on the closing date of the Offer on 11 October 2013.

On 19 February 2014, H.R. Owen announced the proposed cancellation of Admission to the Official List and to trading on the London Stock Exchange’s (“LSE”) main market for listed securities (the “De-Listing”) due to H.R. Owen’s non-compliance with the LSE listing requirements where at least 25% of its shares must be publicly owned. As at 18 February 2014 (being the last practicable date prior to the publication of the announcement by H.R. Owen), the share register of H.R. Owen comprised two substantial shareholders (including BPI) holding a total of 97.5% of the shares of H.R. Owen with the remaining 2.5% in the hands of the public. In view of the De-Listing, BPI offered the qualifying shareholders of H.R. Owen a further opportunity to sell their shares to BPI at 170 pence per share. The said offer closed on 14 April 2014 and BPI’s shareholdings in H.R. Owen was further increased to 72.03% after an acquisition of about 211,000 H.R. Owen shares for a total consideration of about £0.37 million (equivalent to approximately RM1.8 million). The De-Listing was completed on 15 April 2014.

H.R. Owen is now a 72.03%-owned subsidiary of BPI.

(4) On 18 November 2013, Berjaya Auto Berhad (“BAuto”), the listing vehicle of Bermaz Motor Sdn Bhd (“Bermaz”), was listed on the Main Market of Bursa Malaysia Securities Berhad with a total issued and paid up share capital of 802,763,000 ordinary shares of RM0.50 each (“BAuto Shares”). BGroup then owned 67.6% equity interest in BAuto.

Subsequent to the listing, BGroup had during the period between May 2014 and June 2014 placed out a total of 135.0 million BAuto Shares representing about 16.7% equity interest in BAuto for a total cash consideration of RM275.4 million or at an average price of RM2.04 per BAuto Share. Following the completion of the placements, BGroup owns about 407.9 million BAuto Shares representing 50.48% equity interest in BAuto.

(5) On 7 October 2013, Berjaya Food Berhad (“BFood”) announced that its wholly-owned subsidiary company, Berjaya Food (International) Sdn Bhd (“BFI”), had entered into a joint venture cum shareholders’ agreement with Deluxe Daily Food Sdn Bhd, a company incorporated in Brunei Darussalam, for the proposed subscription of 80% equity interest in a new company, namely Berjaya Food Supreme Sdn Bhd (“BFS”), to be incorporated in Brunei Darussalam, to undertake the operations of the “Starbucks Coffee” chain of cafes in Brunei for a cash consideration of about BND2.40 million or about RM6.20 million. On 31 October 2013, BFI subscribed for the initial issued and paid-up share capital of BFS for a cash consideration of BND1.20 million (or about RM3.06 million), representing 80% equity interest in BFS. On 16 February 2014, the first Starbucks store was opened at the Mabohai Shopping Complex, Brunei Darussalam.

Berjaya Auto Berhad Chairman, Datuk Syed Ariff Fadzillah Syed Awalluddin hitting the gong to mark the company’s listing on Bursa Malaysia Securities Berhad on 18 November 2013.

Starbucks outlet at Mabohai Shopping Complexin Brunei Darussalam.



(6) On 21 October 2013, BCorp announced that Cipta Nirwana (M) Sdn Bhd (“CNSB”), being the holder of RM170 million BCorp ICULS 3 together with 170 million Warrants 2 (“Consideration Securities”) which CNSB received as consideration pursuant to the sale of 40 million Atlan Holdings Bhd shares to BCorp, had exercised the put option requiring BCorp to purchase the Consideration Securities for a total cash consideration of RM170 million. BCorp acquired and cancelled RM51.0 million BCorp ICULS 3 together with 51 million Warrants 2 on 6 November 2013, and on 17 February 2014, BCorp acquired RM59.0 million BCorp ICULS 3 together with 59 million Warrants 2. The remaining RM60 million BCorp ICULS 3 and 60 million Warrants 2 were acquired on 30 June 2014.

(7) On 21 February 2014, BCorp announced that its 85%-owned subsidiary, DSG Holdings Limited (“DSG”) had entered into a Share Sale Agreement (“SSA”) to acquire one (1) ordinary share of HKD1.00 each (“Share”) representing 100% equity interest in AWF Limited (“AWF”) for HKD1.00 (“Acquisition”). AWF is in the midst of acquiring 3 potable water services companies in the People’s Republic of China for a total consideration of RMB200.0 million (approximately RM110.0 million). The Acquisition was completed on 6 March 2014. AWF is now a 100%-owned subsidiary of DSG.

(8) On 12 May 2014, BCorp and BToto jointly announced that following a bidding process, BCorp was selected as the most suitable party to undertake the investment, procurement, installation of equipment and operation of a computerized lottery system for the whole of Vietnam in cooperation with Vietnam Lottery Company (“Vietlott”) under a business cooperation contract to be entered into. BCorp will undertake the Vietnam Lottery Business via Berjaya Gia Thinh Investment Technology Company Limited (“Berjaya GTI”), a company incorporated in Vietnam.

Berjaya GTI is 51% owned by Berjaya Lottery Vietnam Limited (“BLV”), a company incorporated in Labuan. BLV is in turn, 80% owned by BCorp and 20% owned by BToto.

(9) On 23 July 2014, BFood entered into a conditional share purchase agreement with Starbucks Coffee International, Inc (“SCI”) for the proposed acquisition of 11,500,000 ordinary shares of RM1.00 each, representing the remaining 50% equity interest in Berjaya Starbucks Coffee Company Sdn Bhd (“BStarbucks”) not owned by BFood for a total cash consideration of USD88,000,000 (equivalent to about RM279.52 million) (“Proposed Acquisition”).

The Proposed Acquisition will enable BFood to consolidate the results of BStarbucks, thus enlarging its revenue and earnings base growth potential. With the Proposed Acquisition, BFood will have full control over the operation, cash flow, and future strategies and directions of BStarbucks. In addition, the Proposed Acquisition will facilitate BFood to further explore potential business opportunities with SCI such as the fast moving consumer goods sector and channel development, food service and distribution rights.

The Proposed Acquisition was completed on 18

September 2014. BStarbucks is now a 100%-owned subsidiary of BFood.

(10) On 11 August 2014, the Board of Directors of BCorp announced that its wholly-owned subsidiary, BerjayaCity Sdn Bhd, had entered into a conditional sale and purchase agreement (“SPA”) for the proposed disposal of 10,726.17 acres of freehold land together with a palm oil mill erected thereon (including all equipment and machinery), in Mukim Sungai Tinggi, Daerah Ulu Selangor, Selangor Darul Ehsan to Tagar Properties Sdn Bhd for a total cash consideration of approximately RM743.0 million. The price per acre was RM70,000.

(11) On 2 September 2014, BCorp announced that its wholly-owned subsidiary, Bizurai Bijak Sdn Bhd (“Bizurai”) had acquired a total of 210.57 million ordinary shares of RM0.50 each (“B-Land Shares”) in Berjaya Land Berhad (“B-Land”) during the period from 24 July 2014 to 2 September 2014, details of which are set out below:-

(i) 10.57 million B-Land Shares in the open market for a total cash consideration of RM8.93 million or at RM0.845 per B-Land Share; and

(ii) 200.00 million B-Land Shares via a direct business transaction for a total cash consideration of RM150.00 million or at RM0.75 per B-Land Share; hereinafter referred to as the “Acquisitions”. Following the Acquisitions, the BCorp Group now holds a total of 3,118,898,296 B-Land Shares representing 62.5% equity interest in B-Land.

(12) On 2 September 2014, B-Land announced that its wholly-owned subsidiary, Berjaya Leisure (Cayman) Limited (“BCayman”) together with Berjaya Times Square (Cayman) Limited (“BTS-Cayman”) entered into a non-legally binding Memorandum of Understanding (“MOU”) with Carnival Group International Holdings Limited (“Carnival Group”) to dispose a total of 70.0% equity interest in Berjaya (China) Great Mall Co., Ltd.



(“GMOC”) to Carnival Group (or its relevant affiliate), for a cash consideration to be negotiated. Currently, BCayman owns 51% of the registered capital in GMOC whilst the balance of 49% is owned by BTS-Cayman.

CORPORATE SOCIAL RESPONSIBILITY (“CSR”)

BCorp and its subsidiaries continued to support a wide range of causes, reaching out to the different segments of the local and international communities in which it operates. These include direct corporate contributions, in-kind contributions, employees’ contributions and partnerships with charitable organisations addressing various areas of needs.

KEY HIGHLIGHTS

BERJAYA FOUNDER’S DAY

The fourth Berjaya Founder’s Day (“BFD”) was once again held at Berjaya Times Square on 22 February 2014. A total of RM25.6 million was contributed by Tan Sri Dato’ Seri Vincent Tan Chee Yioun (“TSVT”) and his personal foundation, Better Malaysia Foundation and Berjaya Cares Foundation to 90 charitable organisations which supported

Tan Sri Dato’ Seri Vincent Tan and Dato’ Robin Tan with some of the beneficiaries during Berjaya Founder’s Day 2014.

community, education, health-related causes, local performing arts, environmental awareness, international humanitarian aid and animal causes. To date, the annual event has contributed a total of RM64 million to more than 150 charitable organisations nationwide.

During the event, TSVT presented the 3rd Better Malaysia Foundation Personality of the Year Award 2014 to Dr Jane Goodall, DBE (Dame of the British Empire) who is an environmentalist and humanitarian as well as a United Nations Messenger of Peace. She is also the founder of the Jane Goodall Institute and the Roots & Shoots, a global youth environmental education programme which brings young children and youth from pre-school to university to work on environmental, conservation and humanitarian issues. The organisation has presence in over 120 countries working with over 10,000 local groups. The award came with a cash contribution of RM500,000.

As in previous years, the annual event also featured a family day carnival to promote greater interaction and collaboration among Berjaya employees. Approximately 20,000 employees and their family members participated in the fun-filled carnival which had more than 50 food and games booths, and approximately 35 booths were allocated for charitable organisations to provide insight into and awareness of their respective causes.



Beneficiaries of Berjaya Founder’s Day 2014

No. Organisations Amount (RM)A. Education & Skill Training

1 Science of Life Studies 24/7 4,000,0002 Yayasan Sekolah Menengah Chong Hwa Kuantan 1,000,0003 Kuen Cheng High School 500,0004 Child Information, Learning and Development Centre, Kuala Lumpur 260,0005 Montfort Youth Training Centre, Sabah 230,0006 Power Malaysia, Selangor 200,0007 Dignity for Children Foundation 162,0008 Sekolah Rendah Sathya Sai, Puchong 150,0009 Kiwanis Down Syndrome Foundation 120,000

10 Sathya Sai Baba Centre of Sri Muda 100,00011 Sekolah Rendah Jenis Kebangsaan Cina Chen Moh, Petaling Jaya 100,00012 St. George Girls School, Penang 100,00013 Amma Foundation, Kuala Lumpur 80,00014 St. Mary’s Boys Hostel, Sandakan, Sabah 80,00015 Persatuan Kanak-Kanak Istimewa Hulu Langat 72,00016 Nalanda Buddhist Society, Seri Kembangan, Selangor 70,00017 Yeong Chang Primary School, Johor 50,00018 Nishana Skills Development Training Centre, Banting, Selangor 47,00019 Ray of Hope, Ipoh, Perak 45,00020 Sathya Sai Baba Centre of Seremban Selatan 45,00021 Pertubuhan Orang-Orang Bermasalah Pembelajaran Dayspring, Selangor 40,000

Sub total 7,451,000B. Health-related Causes

22 St. John Ambulans - Kawasan Pantai Selangor 800,00023 Pusat Hemodialisis Mawar, Seremban 600,00024 Malaysian AIDS Foundation 360,00025 The Tun Hussein Onn National Eye Hospital 300,00026 Buddhist Tzu-Chi Merits Society of Malaysia 250,00027 Cancer Research Initiatives Foundation (CARIF) 250,00028 IJN Foundation 250,00029 Mount Miriam Cancer Hospital 250,00030 PT Foundation, Kuala Lumpur 220,00031 Bandar Utama Buddhist Society 200,00032 Hospis Malaysia 200,00033 Pemegang Amanah Yayasan Kebajikan SSL Strok dan Pembangunan Masyarakat Berdaftar 150,00034 Pertubuhan Kebajikan Amitabha Malaysia, Johor Bahru, Johor 135,00035 EMPOWERED! The Cancer Advocate Society of Malaysia 130,00036 National Kidney Foundation of Malaysia 130,00037 Malaysian Association for the Blind 80,00038 Yayasan Jantung Malaysia 80,000

Sub total 4,385,000C. Community

39 Subang Jaya Buddhist Association (SJBA) 250,00040 Taiwan Buddhist Tzu-Chi Foundation of Malaysia 250,00041 Penang Chinese Chamber of Commerce 200,00042 Silver Jubilee Home for the Aged, Penang 150,00043 Persatuan Orang Istimewa Teluk Intan, Perak 100,00044 Persatuan Orang-Orang Cacat Anggota Malaysia, Kuala Lumpur 100,00045 PJ Caring Home 100,00046 Rumah Amal Cheshire Selangor 100,00047 World Vision Malaysia, Petaling Jaya 100,00048 Persatuan Kebajikan Rumah Rita, Klang 83,00049 Destiny Starting Point, Klang 80,000



Beneficiaries of Berjaya Founder’s Day 2014

No. Organisations Amount (RM)50 EPIC Collaborative (“EPIC Homes”) 80,00051 Kassim Chin Humanity Foundation 80,00052 Kim Loo Ting Hong Ying Old Folks Home, KL 80,00053 Lovely Disabled Home 80,00054 Persatuan Brahma Kumaris Malaysia 80,00055 Persatuan Kebajikan Bagi Orang-Orang Istimewa Kampar, Perak 80,00056 Persatuan Kebajikan Kanak-Kanak Kajang 80,00057 Persatuan Penjagaan Kanak-Kanak Cacat Klang, Selangor 80,00058 Pertubuhan Amal Premaseva 80,00059 Pertubuhan Kebajikan Rumah Mentari, Kulim, Kedah 80,00060 Pertubuhan Kebajikan Yesuvin Mahligai (YM) Selangor 80,00061 Pertubuhan Pengurusan Rumah Anak-Anak Yatim & Miskin “Anning” Ipoh, Perak 80,00062 Rumah Kebajikan Warga Emas Sang Riang, Triang, Pahang 80,00063 Rumah Keluarga Kami, Kajang 80,00064 Stepping Stone Living Centre Sdn Bhd 80,00065 Welcome Home Community, Selangor 80,00066 Rumah Ozanam Klang 80,00067 Rumah Perlindungan Social NCWO/YWCA, Klang, Selangor 80,00068 Sri Lanka Temple 50,00069 Tai-Ping Temple, GuangDong Province, China 50,00070 Yayasan Maha Karuna 50,000 Sub total 3,103,000

D. Humanitarian Assistance, Local Performing Arts, Animal Causes and Environment71 Asia Musical Productions 600,00072 MERCY Malaysia 500,00073 Jane Goodall Institute 500,00074 Malaysian Nature Society 206,00075 Stop Hunger Now, Malaysia 100,00076 Sutra Foundation 100,00077 Society for the Prevention of Cruelty to Animals, Selangor 90,00078 Malaysian Dogs Deserve Better 70,000 Sub total 2,166,000

E. Charitable Foundations under Media Organisations79 Bridged Sukarelawan NSTP-Media Prima 500,00080 Star Foundation 500,00081 theSun Welfare Fund 500,00082 Tabung Kami Prihatin Utusan 500,00083 Yayasan Nanyang Press 250,00084 Yayasan Sin Chew 250,000 Sub total 2,500,000

F. Charitable Foundations under the Patronage of Royalties85 Yayasan Raja Muda Selangor 1,000,00086 45 charitable organisations as selected by DYMM Raja Zarith Sofiah bt Almarhum Sultan

Idris Shah 1,000,00087 30 charitable organisations as selected by DYMM Sultanah Pahang Sultanah Hajah Kalsom 1,000,000 Sub total 3,000,000

G. Staff Welfare Fund & Scholarship Fund88 Berjaya Cares Foundation 1,000,00089 Better Malaysia Foundation 1,000,00090 TSVT Community Scholarship Fund 1,000,000 Sub total 3,000,000

Total contribution for BFD2014 25,605,000



Dato’ Robin Tan and Tan U-Ming visited the old folks at Rumah Kebajikan Warga Emas Sang Riang, Triang, Pahang.

OTHER COMMUNITY INITIATIVES

During the year under review, the Group contributed RM250,000 to Tabung Kesejahteraan Kanak-Kanak Sedunia, a special fund launched by Yang Amat Berbahagia Datin Seri Rosmah Mansor to help the less fortunate children around the world.

In the spirit of sharing and giving, BCorp and its subsidiaries continued to carry out various activities during the year to spread cheer to the needy and less fortunate who also deserve a heart-warming time especially during festivities. Among those were the fun-filled breaking-of-fast sessions with disadvantaged communities and goodwill visits to paediatric wards of government hospitals in Slim River, Perak; as well as the distribution of festive goodies to 750 needy families in Cameron Highlands, Pahang and Kajang, Selangor and 500 indigenous folks in the remote part of Raub, Pahang.

The Group’s CSR philosophy is also embraced by its operating companies and subsidiaries, reflected by the various initiatives and involvements in helping to uplift the lives of the less fortunate.

Berjaya Roasters (M) Sdn Bhd (“BRoasters”) reaches out to needy communities through its KRR Community Chest programmes such as the annual ROASTERS Chicken Run and the Wishing Tree campaign. The 10th Annual ROASTERS Chicken Run 2014 saw more than 3,900 participants from all walks of life come together for a good cause. The charity event raised RM65,000 for the Little Yellow Flower Foundation to support its Nutrition, Lunch and Tuition programme benefiting children from poor urban families. Apart from this, BRoasters also provided reading materials to the “Reading Wonderland” – a community library and information resource centre set up to cultivate a good reading habit among the underprivileged children. To date, the unique charity fun run event has raised more than RM500,000 for various

charitable organisations. Meanwhile, the 9th Annual Wishing Tree campaign granted wishes of 50 children from Yayasan Sunbeams Home. To date, more than 11,400 underprivileged children nationwide had their wishes fulfilled through the campaign.

Through the Berjaya Starbucks Coffee Company Sdn Bhd (“BStarbucks”) “Connecting Communities” programme launched in April 2013, a total of RM100,000 was raised through the sale of food items produced from raw banana fruits purchased from the banana farming communities at Kampung Lubuk Jaya in Kuala Selangor. Sales proceeds from these products were utilized to build a community computer centre for the children in the village which was launched in April 2014. Apart from that, 200 Starbucks volunteers participated in a five-hour landscaping activity and planted 504 plants of different species in the village. In April 2014, BStarbucks celebrated its 4th annual Global Month of Service (“GMoS”) which witnessed 1,671 partners and 2,715 customers contributing a total of 27,437 community service hours for 38 community service projects nationwide.

During the year under review, Bermaz Motor Sdn Bhd (“Bermaz”) organised the Mazda Charity Golf Tournament which raised RM100,000 in aid of Mount Miriam Cancer Hospital’s Tomo Fund for the purchase of the TomoTherapy high definition radiation machine for cancer treatment. In addition, various goodwill visits were also carried out during the year to spread cheer to the needy and less fortunate.

Another subsidiary of BCorp, Sports Toto continued with its long-standing record of giving back to society through numerous activities such as the annual Sports Toto Chinese New Year Ang Pow Donation Campaign. The charity campaign which marked its 26th anniversary, brought cheer to more than 17,000 needy senior citizens in 41 cities and towns nationwide. Since the inception of this significant charity campaign in 1989, Sports Toto has contributed

BCorp Founder, Tan Sri Dato’ Seri Vincent Tan with Dato’ Robin Tan, Chairman & CEO of BCorp (centre) andTan U-Ming, Executive Director, 7-Eleven MalaysiaHoldings Berhad, at the Limbs For Life Prostheses Centrein Bandar Utama, Petaling Jaya.



BPI and Gawad Kalinga built housing units for the poor and needy in various locations across the Philippines.

BCorp contributed 2 vans worth RM84,000 to SMK Tinggi Batu Pahat, Johor. Tan Sri Dato’ Seri Vincent Tan presented the vans to the school’s principal, Misli Rosbadi.

more than RM16 million to provide over 300,000 ang pows and hampers to needy senior citizens.

Sports Toto also collaborated with NTV7 for the fourth consecutive year in producing a 13-episode charity-themed programme entitled “Helping Hands Season 4” which provided 13 impoverished families with necessary home improvements, medical provisions and other necessities to improve their living conditions. Through the programme, Sports Toto had responded to the needs and improved the quality of lives of 52 poor and needy families nationwide over the last 4 years.

On the international front, BPI continued to work closely with Gawad Kalinga Community Development Inc. (“GKCDI”) in reaching out to and uplifting lives by supporting the reconstruction of housing units for the poor and needy. Currently, there are 12 Berjaya-GK villages in various locations across the Philippines.

During the year under review, BPI contributed Peso27.3 million to GKCDI for the reconstruction of 230 housing units for the poor in Cagayan De Oro, San Jose Del Monte Bulacan, Angat Bulacan and Bohol. Of the Peso27.3 million, Peso11 million were utilized to reconstruct 100 houses for the urban poor in San Jose del Monte while another Peso11 million were allocated to reconstruct 100 houses destroyed by Typhoon Sendong in Cagayan De Oro.

BPI also donated Peso1.1 million to provide relief aid for typhoon and earthquake victims in Tacloban and Bohol respectively.

Berjaya Makati Hotel organised a food distribution programme for 236 poor students at Bagumbuhay Elementary School located in Cavite City in the province of Cavite, Philippines.

EDUCATION

In line with the Group’s CSR objective of promoting literacy and education among underprivileged children, Berjaya Cares Foundation contributed books to 4 community

education centres established by Kassim Chin Humanity Foundation.

For the second consecutive year, Sports Toto supported the “Reading My Companion” learning programme at 5 Chinese primary schools in the rural areas of Selangor. The programme, which benefited 720 students, aimed to inculcate reading as a past time of choice among the rural students.

In the Philippines, BPI contributed Peso4.48 million to set up the Berjaya Culinary Arts Centre at Angat, Bulacan, a 30-hectare training facility located within GK-Enchanted Farm, the first farm village university in Asia established by GKCDI to help local farmers to become successful social entrepreneurs. Besides a kitchen and service area where guests can enjoy organically-grown healthy meals, the facility also has its own adjoining herb garden. The facility also promotes environment preservation with its ingenious biomimicry design, allowing it to tap solar energy through solar panels and collect rainwater with a rainwater harvester roof.

BPI also continued to provide financial assistance valued at Peso64 million to 32 underprivileged and deserving Filipino students for diploma programmes such as Culinary Arts, Hospitality Management, Tourism Management, Retail Management and Events Management at Berjaya University College of Hospitality, Kuala Lumpur.

WORKPLACE

BCorp and its subsidiaries focus on human capital development through various training programmes to help employees to realize their full potential and strengthen the Group’s capacity and performance. In line with this objective, BCorp embarked on various leadership programmes as part of the Group’s succession planning, in addition to the ongoing development programmes, to ensure employees’ knowledge and skills were aligned to meet the business needs. Performance dialogues were also conducted to provide better clarity on competencies required and opportunities available for career advancement.



School children participating in BHR’s Tioman Island Clean-Up 2013.

Alongside this performance management objective, BCorp also strives to promote work life balance at the workplace to enhance productivity and staff retention. To this end, various health talks, free health screenings and topics related to employees’ personal development were also carried out throughout the year.

The Group also cultivates a collaborative work culture among the different business segments for greater synergy to enhance efficiency through various sharing sessions.

The Group’s Staff Welfare Fund continues to provide financial assistance to employees to cope with high medical expenses and education funding, and to assist in the event of crisis or loss of property resulting from natural disasters. During BFD 2014, TSVT contributed RM1 million each to Better Malaysia Foundation and Berjaya Cares Foundation towards their Staff Welfare Funds.

In an effort to provide a more qualified and skilled workforce for the Malaysian automotive industry, Bermaz initiated the Mazda Apprenticeship Programme and Retail Management Trainee programme to develop the next generation for an increasingly competitive workplace. Both programmes are endorsed by the Institute of Motor Industry, United Kingdom. In addition, the Mazda Apprenticeship Programme is also endorsed by the Department of Skill Development under the Ministry of Human Resource.

BCorp and its respective subsidiaries’ Sports Clubs also actively organised recreational activities such as festive gatherings, sports competitions and vacation trips to promote social interaction and foster closer ties among employees.

SPORTS EXCELLENCE

During the financial year under review, BCorp supported various sporting events, most notably through its contribution of RM250,000 to Langkawi International Mountain Bike Challenge 2013.

Sports Toto continued to support and nurture sporting excellence in several ways which include providing

financial aid as well as sponsoring awards to recognisethose who excel in sports. Among the sporting events supported by Sports Toto were the Penang Bridge International Marathon 2013, ROASTERS Chicken Run 2013, 12th World Wushu Championships 2013, Queen’s Baton Relay, Slim River Mountain Bike Challenge 2013, Seremban Half Marathon 2013, Milo–FTKLAA walk Circuit 2013, 41st Penang PESTA International Bowling Championship 2013 and 29th FTAAA Annual Cross Country 2014.

On a larger scale, Sports Toto made substantial annual financial contributions to the National Sports Council.

Sports Toto also collaborated with the Olympic Council of Malaysia (“OCM”) in recognising Malaysian athletes who delivered outstanding performances at the 27th South East Asia Games held in Myanmar from 11 to 22 December 2013. The OCM–Sports Toto Outstanding Athletes of the Games Award 2013 was presented to the best male and female gold medalists as well as 18 players of the gold medal-winning men’s and women’s hockey teams.

ENVIRONMENT

Preserving and protecting the environment is one of the priority areas of the Group’s CSR initiatives.

To this end, Berjaya Cares Foundation is collaborating with Malaysian Nature Society on a 2-year terrestrial project studying the gaps of research areas and high conservation value areas on Tioman Island before meaningful management information and recommendations can be produced. Project ROOTs (“Revisiting Our Original Trees”) aims to promote conservation and sustainable nature tourism by highlighting unique natural flora and fauna to inspire awareness preservation of Tioman’s natural assets.

Engaging and adopting the “Loving Earth” commitment is one of BHR’s top priorities. In line with this commitment, BHR organised the annual Tioman Island Clean-Up which consisted of several activities including a clean-up dive, beach clean-up and turtle conservation workshop for primary school children, and was participated by various

BRoasters senior management team with Lee Sinje, co-founder of Little Yellow Flower Foundation at the Roasters Chicken Run 2014.



Berjaya supported the local production of “The Producers The Musical.”

BCorp collaborated with EPIC Homes to build a home in Kampung Batu 12, Gombak, Selangor.

stakeholders such as the Turtle Conservation Society, Malaysian Nature Society, avid divers, students and members of the media.

In conjunction with the Global Month of Service in April 2014, BStarbucks launched its 1st Community Edible Garden project at Starbucks Drive-Thru in Kota Kemuning, Shah Alam, Selangor to educate the public through interactive workshops on how to create an edible garden at home and about the various plants and planting techniques. Under the “Grounds For Your Garden” programme, most BStarbucks stores nationwide also provide complimentary soil-enriching coffee grounds to their customers for their gardens as part of the company’s recycling initiatives to reduce its environmental impact.

Another subsidiary of BCorp, Bermaz supports the Malaysian Government’s National Automotive Policy (NAP) in terms of reducing the carbon footprint of automobiles by offering more fuel-efficient vehicles at affordable prices. To this end, Bermaz is proud to establish a long term partnership with Mazda Corporation Japan which shares the same value of delivering vehicles that harmonize driving pleasure with outstanding environmental and safety performance through its SKYACTIV Technology.

ARTS AND CULTURE

BCorp organised the Berjaya Youth Short Film Competition for the fourth year with the objective of nurturing the potential and creativity of young film makers. The competition is open to Malaysian youths aged between 18 and 25 who wish to share their inspiring stories through film.

The Group also supported numerous local and international performances such as Super Mokh-The Musical, Merrily We Roll Along-The Musical, The Producers-The Musical, Hairspray-The Musical, Wizard of Oz-The Musical, The Secret Life of Nora Musical, and many more.

Sports Toto continued to contribute towards the preservation and promotion of local cultural heritage by supporting events such as Pesta Tanglong Muar 2013,

Penang Chingay Parade 2013, Hungry Ghost Festival and Muar Chinese New Year Street Show.

MOVING FORWARD

Guided by its Founder’s passion and philosophy in caring, the Group will continue to support various CSR initiatives addressing the various issues and needs of the different communities, in the hope of making an impactful and positive difference.

FUTURE PROSPECTS

Malaysia’s gross domestic product (GDP) expanded by 6.3% in the first half of 2014 and is expected to remain resilient in the second half of the year mainly attributed to strong domestic economic activities and foreign trade, backed by the Government’s transformation programmes, and robust investments. The ongoing implementation of the Government’s infrastructure projects will further boost foreign direct investment and sustain GDP growth.

The Group’s consumer marketing and direct-selling business, Cosway, intends to focus its efforts on revenue growth in the profitable and potential markets, particularly in Malaysia and Greater China, as its products and business model are both suitable and readily acceptable by the members and shoppers in these regions. Cosway will also implement and strengthen its marketing strategies with the objective of cultivating sustainable shoppers’ loyalty and preference in using Cosway’s wide range of products. Cosway will accelerate its rationalisation exercises to close non-performing stores overseas and also consider exiting totally from certain markets where its marketing efforts have not been able to gain acceptance from consumers.

The local property market is anticipated to remain resilient despite the various cooling measures imposed by the government to curb speculative buying and stabilise property prices. The cooling measures such as the increase of Real Property Gains Tax (RPGT), the withdrawal of Developers Interest Bearing Scheme (DIBS) and the increase of the pricing threshold for foreign ownership



Artist’s impression of the poolside at The Ritz Carlton Residences, Kuala Lumpur.

of property have slowed down property sales towards the end of last year. However the property market rebounded amidst a stronger GDP outlook for 2014 and prevailing low interest rate environment coupled with strong genuine demand for investment or own occupation.

The residential subsector will continue to dominate and command the lion’s share of the market, supported by a growing demand for residential units. The country’s stable economic growth boosted by the Government’s proposed new mega projects in the pipeline such as the high-speed train between Singapore and Malaysia and the construction of new highways such as Sungai Besi-Ulu Kelang Expressway (SUKE), Damansara-Shah Alam Expressway (DASH) and Kinrara-Damansara Skyway (Kidex) to enhance accessibility and mobility, augur well for the sale of residential properties in areas located on the outskirts of Greater Kuala Lumpur. The demand for properties in areas with good connectivity and accessibility to transportation hubs such as Mass Rapid Transit (MRT) and Light Rail Transit (LRT) stations and highways will also remain strong.

Moving forward, the Property Division is mindful of the challenges that continue to impact the property industry such as over-regulation, rising costs of building materials, potential further rationalisation of subsidies and labour shortages which will inevitably lead to higher costs of construction. However, the Property Division is cautiously optimistic that with innovative designs and features, its launches of new developments in the much sought-after location of Bukit Jalil and around Klang Valley will be well-received and is hopeful this will translate into encouraging sales.

Overseas, the Group’s property development projects in South Korea, China and Japan are still under construction and in various stages of completion. The Four Seasons Hotel Kyoto is slated for opening towards the middle of 2016.

The overall outlook for the hotel industry is expected to be a challenging one with slower recovery in the demand from the key long haul travel market of Europe due to the recent tragedies that have hit the aviation industry. The local travel and tourism industry is expected to gain positive momentum and growth with the intensive

promotional campaigns for Visit Malaysia Year 2014 by the Tourism Ministry of Malaysia which targets to receive 28 million tourist arrivals next year. Berjaya Hotels and Resorts (“BHR”) will continue to focus on maintaining its competitiveness and improve its presence by adopting aggressive marketing activities and diverse distribution channels, especially in the Asia and East Asia markets. BHR’s focus on distribution via internet booking through its website www.berjayahotel.com as well as via other traditional channels, and upgrading of the local hotels and resorts facilities will enable it to achieve better ARR and RevPAR so as to be more competitive compared with other hotels in the same locations in the local market.

The growth of the Number Forecast Operator business is closely linked to consumer spending and the disposable income of its customers. Sports Toto’s extensive network of outlets in Malaysia and variety of games offered will enable the company to maintain its revenue growth. In addition to its ongoing marketing efforts to increase its revenue and market share, Sports Toto will also continue to improve on its operating efficiency and customer service to ensure the long term success of the business.

In the Philippines, Philippines Charity Sweepstakes Office (“PCSO”) will introduce additional new digit games for its on-line lottery leasing segment, which will generate more excitement among punters and is anticipated to have a positive impact on revenue. The hotel segment is expected to grow steadily with higher tourist arrivals, and campaigns by the Department of Tourism of the Philippines to attract more foreign and domestic tourists will contribute positively to the Group’s revenue.

In the United States of America, ILTS will continue to examine new and emerging technologies based upon current industry developments with the intention to increase its customers’ market share and stay competitive, as well as explore new markets where its core competencies can be applied. ILTS dedicates its efforts to applying cutting edge technology and developing innovative and secure voting solutions.

The Group’s motor trading and distribution business is also rapidly expanding and is expected to continue to contribute positively towards the Group’s growth and revenue. Bermaz has been increasing its market share with the introduction of new Mazda car models and expansion of its sales network, as well as through aggressive sales and promotional activities. Mazda’s SKYACTIV Technology which is well recognised for its engine performance, safety and fuel economy will also boost revenue as consumers are becoming increasingly environmentally conscious. Bermaz is confident of achieving further growth in its sales volume and revenue for the next financial year by expanding its distribution network and increasing its range of completely knocked down (CKD) vehicles in Malaysia.

Berjaya Auto Philippines (“BAP”), the sole distributor of Mazda cars in the Philippines, is expected to generate positive revenue and gain market share in the Philippines’ automotive



KRR was awarded the Superbrands Malaysia Awards 2013, Malaysia’s Choice category.

Starbucks outlet at Summer Mall, Kota Samarahan, Sarawak.

market. Mazda’s range of cars is expected to further boost BAP’s revenue growth in the financial year 2015.

In the United Kingdom, the Group’s newly acquired subsidiary, H.R. Owen, a luxury motor retailer which operates a number of vehicle franchises in the prestige and specialist car market, predominantly in the London area, is set to help drive the Group’s business growth further, as the UK motor sector has been recording a healthy growth in the volume of cars sold. The sale of luxury brands like Bugatti and Bentley is expected to remain strong in 2014, with other brands like Maserati and Ferrari following suit. The food and beverage industry in Malaysia has become increasingly competitive due to a large variety of existing restaurants and the introduction of new food and beverage ventures into the market. Malaysians, especially the urban working community who lead busy lifestyles, also tend to spend on dining out and delivery services.

The Group will maintain its strategy of opening additional restaurants in the next financial year in all the markets that the Group is operating in. Locally, the Group’s expansion plans include opening new restaurants in secondary townships. The Group will also continue to focus its food and beverage business expansion in the Asean region such as Brunei and Indonesia, which have a higher population to drive demand.

BRoasters will continue with its outlet expansion strategy to open more Kenny Rogers Roasters (“KRR”) restaurants in Malaysia and introduce a new range of grill offerings, as well as lunch, dinner and weekend meal packages to its menu. It will also offer promotions at a lower price and launch a KRR reload card to encourage consumer spending.

In Indonesia, the Group has rapidly expanded its KRR franchise with 8 new KRR restaurants opened during the financial year under review, with plans to open more restaurants in the financial year 2015. Kenny Rogers Roasters Catering (Shenzhen) Company Limited is currently operating 7 stores in China. The Group’s development strategy for the first 5 years is to focus on opening more KRR stores in both Eastern and Southern China, especially

Mazda CX-9.

in the Shanghai, Guangzhou and Shenzhen areas. The Group has also ventured into Cambodia with the opening of its first KRR restaurant at AEON Mall Phnom Penh on 21 June 2014.

Through Roasters Asia Pacific (HK) Limited, the Group is currently expanding the KRR brand into other international territories, namely India, Indochina countries such as Vietnam and Thailand, and Gulf countries in the Middle East region through franchising and joint ventures.

BStarbucks targets to open another 25 new stores in Malaysia including 8 drive-thru concept stores, which have proven to be very successful in the current financial year 2015. BStarbucks will also improve its menu with more innovative food and beverage product offerings, as well as continue to focus on its Starbucks Card, introducing innovative card designs and programmes, to drive loyalty and spending frequency. It will also continue its engagement on digital platforms such as mobile apps, e-commerce and social media to increase brand affiliation and connectivity with its customers.

The Group has expanded its Starbucks Coffee franchise to Brunei, opening its first store at the Mabohai Shopping Complex, Brunei Darussalam on 16 February 2014.



With the completion of the acquisition of the remaining 50% equity interest in BStarbucks on 18 September 2014, the Group foresees more impactful contribution to the overall revenue and profits in 2015 and beyond. The Group’s other food businesses, Jollibean Foods Pte Ltd, Berjaya Papa John’s Pizza Sdn Bhd and Wen Berjaya Sdn Bhd will continue to expand through new store openings, and promote sales through innovative marketing campaigns and digital media engagement to reach out to existing and new customers. Berjaya Papa John’s Pizza Sdn Bhd will also open more Delivery Concept (DelCo) outlets to widen its reach and increase market share.

The Group’s financial services arm, Inter-Pacific Securities Sdn Bhd expects to remain profitable for the current financial year ending 30 April 2015. Bursa Securities’ trading volumes are expected to be sustainable at similar levels in the next 12 months.

The Group will also continue to develop its environmental services business. In addition to the award-winning Bukit Tagar Sanitary Landfill in Batang Berjuntai, Selangor, the Group, through Berjaya Engineering Construction Sdn Bhd, will be constructing 3 sanitary landfills for the government in Sungai Udang, Melaka, Teluk Mengkudu, Perak and

Jollibean kiosk at Berjaya Times Square, Kuala Lumpur.

KUB-Berjaya Enviro Sdn Bhd was awarded the Singapore Environmental Achievement Awards 2013 in the Regional category as well as the overall award, the CDL Outstanding Singapore Environmental Achievement Awards 2013.

Rimba Mas, Perlis. Overseas, the Group’s sanitary landfill and several water supply and wastewater treatment projects in China are progressing well, and the Group will continue to look for further opportunity to expand this business there. The Group’s future plans include securing more private waste customers to increase waste volume; improving on operational efficiency to achieve higher profit margins; exploring additional income streams from the existing businesses, and sourcing for new landfill projects.

In the education sector, Berjaya Higher Education (“BHE”) which operates Berjaya University College of Hospitality, will focus on specialised programmes based on market trends and the needs of its students. New disciplines of undergraduate programmes, post-graduate programmes, and vocational skills courses will be developed to cater to market needs. In addition to this, various collaboration projects will be established with national and international institutions using the franchise/license approach.

A differentiation strategy will also be deployed by offering unique selling points to the students such as immersion methodology, job priority, student attributes and learning outcomes. Industry links will also be important to differentiate BHE from its competitors in terms of internship or job placements for its students. BHE will also concentrate on brand building to augment its market positioning.

Given the Group’s diverse businesses and the current economic outlook, the Directors are of the view that the Group’s performance will continue to remain challenging for the financial year ending 30 April 2015.

APPRECIATION

On behalf of the Board, I would like to thank all our customers and shareholders for their continued confidence and support towards the Group.

To our business partners, financiers and regulatory authorities, thank you for your support and cooperation.

To my fellow colleagues on the Board, I would like to express my sincere appreciation for your guidance and support, and I look forward to your continued active participation on the Board.

Our success in 2014 was made possible through the dedication and commitment of our employees, and I would like to thank all management and staff of the various operating companies within the Group for your hard work and contribution towards the growth of the Group.

DATO’ ROBIN TAN YEONG CHING Chairman / Chief Executive Officer22 September 2014


Management Discussion & Analysis

MARKETING OF CONSUMER PRODUCTS AND SERVICES

Cosway (M) Sdn Bhd’s (“Cosway”) business model is based on the free store concept. It offers physical sales and distribution of its products in countries such as Malaysia, Greater China, Hong Kong, Macau, Taiwan, USA, Japan, Thailand and Australia. As at 30 April 2014, Cosway has approximately 1,500 exclusive stores located in high density residential areas and heavy foot traffic shopping malls giving its members and shoppers convenience and easy access. Cosway also offers online purchase through eCosway.com.

Cosway has an innovative and synergistic balance of 5P’s - Product, Price, Place, Promotion, Profit Plan. For more than 35 years, it has been offering a wide variety of quality products ranging from Personal Care, Health Care, Home Care, Food and Beverage, Organic, and Pharmaceutical, among others. It provides a lucrative opportunity for Business Owners and high quality, competitively priced products to its members and shoppers.

The expansion of Cosway’s retail store chain to 147 stores in the financial year 2014 compared to 24 stores last year in Mainland China had contributed to the improvement in sales performance recorded in the China operations. However, the Group’s overall revenue dropped by 14.9% to RM1.22 billion from RM1.43 billion recorded in the last financial year mainly attributed to the decline in business in Malaysia and other overseas operations due to lack of new and appealing marketing initiatives to drive recruitment activities, which led to numerous store closures.

Cosway’s range of products.

Cosway recorded a gross profit of RM537 million for the current financial year under review as compared to RM657 million for the same period in 2013. Gross profit margin dropped to 44.0%, as compared to 45.9% in the previous year, primarily due to the impact from aggressive promotional activities to clear slow moving products during the financial year.

Inter-Pacific Securities Sdn Bhd’s office in BerjayaTimes Square, Kuala Lumpur.

Operating results registered a steep drop from a profit of RM28 million in the last financial year to an operating loss of RM33 million in the year under review due to lower revenue and higher costs incurred for inventories written off, provision for slow moving stock, provision for store closure related costs and impairment of renovation costs and other fixed assets.

With the inclusion of a significant fair value loss on investment properties, Cosway incurred a loss before tax of RM65 million in the year under review, as compared to a pre-tax profit of RM28.6 million in the previous year.

The Group will accelerate its rationalisation exercises to not only close non-performing stores overseas but may also consider exiting totally from certain markets where its marketing plans have not been able to gain acceptance.

The Group will focus all its effort fully in growing its business in the Malaysian market and that of the Greater China region where its marketing plan, business model and products are both suitable and readily acceptable by members/shoppers.

FINANCIAL SERVICES

Stockbroking

Early into the year under review, stocks surged in the aftermath of the ruling coalition’s return to power during the 13th General Elections. Mid-year ushered in a spell of caution as a mini crisis in certain emerging market economies, including some neighbouring countries, dampened the enthusiasm of foreign investors, resulting in lower institutional trading volumes on Bursa Malaysia Securities Berhad (“Bursa Securities”). However, a selection of small and micro-cap stocks emerged as the alternative focal point for trading interest until worries subsided and foreign fund interest returned. The overall value of transactions traded on Bursa Securities increased by 41.4% to RM567 billion as compared to the traded value of RM401 billion in the previous financial year.



Despite the apparent significant increases in individual stock prices, the FBMKLCI closed at 1,871.52 points on 30 April 2014, a modest 8.96% increase over the 1,717.65 points on 30 April 2013. This was due to scattered spells of somewhat more subdued trading activities in the large KLCI component stocks being offset by a recovery in trading interest in small and medium size stocks that pushed the FBM Small Cap, FBM Fledgling and FBM Ace Market Indices all to record levels.

In the financial year under review, Inter-Pacific Capital Sdn Bhd (“IPC”) recorded an increase of 29.4% in operating revenue to RM55.0 million, while gross profit increased from RM31.0 million to RM37.1 million. Both the increase in revenue and gross profit were mainly attributed to the increase in brokerage income. The higher brokerage income was mainly due to the increase in trading volume on Bursa Securities and an improvement in IPC’s market share from increased participation in the stock market by its retail clients.

Pre-tax profit was RM28.5 million for the financial year under review compared to RM19.0 million in the previous financial year mainly due to the increased brokerage income arising from the increase in trading volume on Bursa Securities. The results also included a gain in fair value of investments of RM3.6 million less impairment loss in other and unquoted investments of RM2.1 million whereas the results of the previous financial year included a loss in fair value of investments of RM2.9 million. Operating expenditure was maintained at approximately the same level as in the previous year due to various measures to control costs.

HOTELS AND RESORTS

The Berjaya Hotels and Resorts Division (“BHR”) owns and operates 16 hotels and resorts locally and internationally.

For the financial year ended 30 April 2014, BHR delivered better results compared to the previous financial year due to the rise in demand from Transient FIT and Leisure FIT market segments. With the healthy growth in both rooms and food and beverage sales, the BHR’s total gross revenue increased by 7.0% to RM309.7 million from RM289.4 million recorded in the previous financial year while profit before tax improved to RM22.3 million from RM4.0 million posted in the previous financial year. The increase in pre-tax profit was mainly from the better execution in room yield management and lower operating expenses.

The overall occupancy rate and average room rate (“ARR”) recorded a marginal increase by 2.2 percentage point and 2.6% respectively which resulted in higher revenue per available room (“RevPAR”) of 6.6% compared to the previous financial year. Coupled with its aggressive marketing strategy and diverse distribution channels via internet bookings, for the financial year ended 30 April 2014, the total room revenue recorded from direct and

The Beach Brasserie and Spa – Taaras Redang Beach and Spa Resort, Terengganu.

indirect online bookings increased to RM63.3 million compared to RM48.5 million in the previous financial year, which represented an increase of 30.4%.

During the year under review, BHR was named the winner of four accolades at the Hospitality Asia Platinum Awards (HAPA) 2013-2015 Malaysia Series in the Industry Recognition Awards, Flavours of Hospitality, and Passions of Hospitality categories respectively.

Hotels & Resorts in Malaysia

The major Malaysia-based hotels and resorts are Berjaya Langkawi Resort, Berjaya Times Square Hotel, Kuala Lumpur, Berjaya Tioman Resort, The Taaras Beach & Spa Resort, Redang, as well as Colmar Tropicale and The Chateau at Berjaya Hills. These strategically located hotels and resorts have attracted tourist arrivals from various countries such as Singapore, Indonesia, Middle East, China, Japan and Australia.

For the financial year ended 30 April 2014, the Malaysian-based properties recorded an increase in total gross revenue as a result of stronger demand in room bookings driven by the Transient FIT and Leisure FIT market segments. Total gross revenue increased by 9.1% to RM248.6 million compared to RM227.9 million recorded in the previous financial year reflected by the stronger operating results from Berjaya Langkawi Resort and Berjaya Times Square Hotel, Kuala Lumpur. The overall room occupancy rate increased by 3.3 percentage point to 57.9%, while the ARR grew by 3.6% leading to an impressive RevPAR growth of 9.9% to RM173 compared to RM157 in the previous financial year.

With the improvement in gross revenue, and better control over operating expenditure, the Malaysia-based properties delivered a pre-tax profit of RM17.4 million during the year under review.



Hotels & Resorts Overseas

The major overseas hotels and resorts of the Group are Berjaya Beau Vallon Bay Resort & Casino, Seychelles, Berjaya Praslin Resort, Seychelles, Berjaya Hotel Colombo, Sri Lanka, Berjaya Eden Park London Hotel, InterContinental Hanoi Westlake Hotel, and Sheraton Hanoi Hotel, Vietnam.

During the financial year under review, total gross revenue was affected by lower contribution from Berjaya Beau Vallon Bay Resort & Casino (“BBVB”) and Berjaya Praslin Resort (“BPR”), Seychelles due to lower tourist arrivals from the individual leisure travellers and corporate groups from its key market of Europe, America and Middle East. This was, however, mitigated by an improvement in the operating results of Berjaya Hotel Colombo, Sri Lanka and Berjaya Eden Park London Hotel.

The occupancy rate of BHR’s overseas properties decreased by 2.5 percentage point to 57% resulting in a 4.6% decrease in RevPAR to RM186 from RM195 recorded in the previous financial year. Generally, there was an increase in room night bookings from Transient FIT, Leisure FIT and Corporate FIT market segments. However, this increase was unable to offset the drop in the volume of demand, especially from the corporate meeting group and air-line crew segments in BBVB, Seychelles. As a result, the total room revenue decreased by 2.4% to RM39.6 million compared to RM40.5 million in the previous financial year.

Overall, BHR’s overseas properties’ total gross revenue was maintained at RM61.1 million. However, profit before tax declined by 31.9% to RM4.9 million compared to RM7.3 million in the previous financial year mainly due to an increase in direct operating and overheads costs, especially from the properties in Seychelles.

BPI’s other subsidiary, Perdana Hotel Philippines Inc. (“PHPI”) which operates the Berjaya Makati Hotel located in Makati City recorded a decreased revenue of Peso139.6 million compared to Peso146.4 million in the previous financial year. The decrease of 4.7% or Peso6.8 million in revenue was mainly due to a drop in the occupancy rate compared to the previous financial year.

PHPI recorded a pre-tax loss of Peso2.5 million compared to pre-tax profit of Peso3.2 million in the preceding year mainly due to lower room occupancy, higher food and hotel maintenance costs, as well as depreciation charge on renovation costs of adding another 11 executive rooms and the refurbishment of certain floors in the hotel during the financial year under review.

Future Prospects

The overall outlook for the hotel industry is expected to be challenging with slower recovery in the demand from key long haul travel market of Europe due to the recent

Poolside – Sheraton Hanoi Hotel, Vietnam.

Berjaya Hills Golf and Country Club, Pahang.

tragedies that had hit the aviation industry. However, the local travel and tourism industry is expected to benefit from the intensive promotional campaigns for Visit Malaysia Year 2014.

Notwithstanding this challenging backdrop, BHR’s aggressive marketing strategy and diverse distribution channels will enable its hotels and resorts business in Malaysia and overseas to be well-positioned to weather these challenges and continue to improve its average room rate (“ARR”) and revenue per available room (“RevPAR”).

CLUBS AND RECREATION

The Clubs and Recreation Division (“The Clubs”) operates six golf clubs and one equestrian club located in the Klang Valley, Nilai, Negeri Sembilan, Batu Pahat, Johor and Berjaya Hills, Pahang. Golf and equestrian are the core activities provided by The Clubs supported by other services such as sports facilities, dining outlets as well as banqueting facilities and event space.

The Clubs has a total of 21,214 members, of which 10,999 are golf memberships and 10,215 are non-golf memberships.



The Clubs’ revenue for the financial year ended 30 April 2014 declined by 1.7% to RM60.4 million from RM61.4 million in the previous financial year. The higher revenue posted in last financial year was mainly due to adjustments made for the forfeiture of advance license fee in respect of terminated memberships.

The renovation and upgrading of club facilities are still in progress. However, the golf revenue was not significantly affected and was only slightly lower by 2.2% compared to the previous financial year due to a well-planned work schedule that ensured minimum disruption to the operations of The Clubs.

Pre-tax loss for the financial year ended 30 April 2014 had reduced to RM1.07 million compared to RM1.27 million incurred in the previous financial year. The improvement was mainly due to lower operating and overhead expenditure.

Future Prospects

The next financial year ending 2015 will remain competitive and challenging for the recreation club industry. Moving forward, The Clubs plan to re-launch its membership programme targeting at the niche market after the completion of its renovation and upgrading exercise to increase and improve the quality of its membership base.

VACATION TIME SHARE

Berjaya Vacation Clubs Berhad (“BVC”) operates and manages a vacation membership scheme which provides and coordinates holiday accommodation packages at holiday resorts in Malaysia.

Through the affiliation with Resort Condominiums International, BVC also offers accommodation packages at more than 4,000 resorts in over 100 countries spanning across Asia, Europe, Middle East and Africa, among others.

BVC reported a drop in revenue to RM9.45 million from RM10.21 million registered in the previous financial year mainly due to lower annual maintenance fee billings and annual licence fee recognised arising from termination of memberships.

Operating profit increased to RM4.74 million fromRM2.83 million in the previous financial year due to the reduction in manpower and administration costs in line with the streamlining of operations towards online booking and communications.

The timeshare industry in Malaysia has generally reached its maturity stage with no major changes or new players coming into the industry. Barring any unforeseen circumstances, the timeshare segment is expected to maintain its operating performance.

PROPERTY DEVELOPMENT

For the financial year under review, the PropertyDivision reported a 59% increase in its revenue from RM392 million in the previous financial year toRM625 million. The increase was mainly attributable to better sales performance in terms of relatively higher sales volume and higher selling prices generated from several projects in Klang Valley, Malaysia.

Higher sales recorded in new launches at various projects namely, the condominiums at KM1 East and Phase 1 of the mixed development at The Link 2 at Bukit Jalil, Trade Point

Artist’s impression of Menara Bangkok Bank @ BerjayaCentral Park, Kuala Lumpur.

KM1 at Bukit Jalil, Kuala Lumpur.



shop offices at Berjaya Park, Vasana 25 villas at Seputeh Heights, and the corporate suites of Menara Bangkok Bank and The Ritz-Carlton Residences both at Berjaya Central Park resulted in an increase of 33% in the current financial year’s revenue of RM419 million compared to previous year’s revenue of RM314 million.

Phase 1 of The Link 2, Bukit Jalil and the two components at Berjaya Central Park contributed 81% of the Division’s total revenue. Bukit Jalil, with good connectivity and accessibility is slated to become the next property hotspot. The Link 2, a mixed development project with components such as shop offices, street mall commercial lots and residences is aimed at capturing the market of purchasers who want to own a residence within a self-contained development that embodies the “Live, Work and Play” concept. This concept of “New Urbanism” blends housing, retail and office space that offers the full advantage of urban living - where activities, popular lifestyle, entertainment and food & beverage hubs are available only a short distance away from the doorstep. The residence units also come in various sizes to cater to single professionals who prefer a 1+1 bedroom unit and families who require larger units.

The corporate suites at Menara Bangkok Bank continue to generate a steady stream of sales as construction progresses towards completion. At the same site, the Division finally unveiled the prestigious and luxurious Ritz-Carlton Residences at Berjaya Central Park to the market through press launches followed by soft launches to invitees comprising registrants and well-heeled individuals. The Ritz-Carlton Residences consists of 289 residence suites with unit sizes ranging from 1,023 square feet to 4,284 square feet. With an average selling price of RM2,500 per square feet, the total gross development value of the project is approximately RM1.18 billion. Targeted for completion by the end of 2015, the residences will be managed in accordance to the standard of the Ritz-Carlton brand, which provides five-star luxury living with personalized services such as 24-hour concierge and housekeeping services, vacant home care management services as well as state-of-the-art security and lifestyle facilities.

Over at Berjaya Park, Shah Alam, the final phase of Trade Point comprising 34 units of 3-storey shop offices with individual lifts was released to the market. As of July 2014, all 34 units have been sold out.

Up north in Penang, the much-awaited exclusive residential development at the parcel of land acquired from the Penang Turf Club was previewed to a select group of high-net worth registrants in fourth quarter of 2013. Nestled in one of the most exclusive neighbourhoods in Penang and surrounded by lush landscaped parks and trails, Jesselton Villas is slated to be Georgetown’s most distinguished residential estate. Sales of the bungalow lots with sizes ranging from 5,964 square feet to 27,122 square feet has been encouraging and met with much enthusiasm.

In South Korea, construction work for the units at Phase 1 Gotjawal Village comprising the high-end seaside Maison and the trendy Market Walk is progressing on schedule at the Group’s 183-acre integrated resort development, Jeju Airest City in Seogwipo. Upon achieving the targeted 20% construction progress in the fourth quarter of 2014, Phase 1 Gotjawal Village will be officially launched soon. Marketing activities will be carried out intensively in South Korea, China and Japan.

In Hebei, China, the 3 indoor theme parks and a shopping mall developed in the first phase of the Great Mall of China is nearing the final stages of completion. The main structural works have been fully completed and the interior design works are currently in progress.

Over in Kyoto, Japan, the various permits and approvals for the construction have been obtained. Construction works for the luxurious Four Seasons Hotel will commence in the third quarter of 2014. Earthworks and excavation works began in 2013. The luxury hotel will consist of 123 rooms, and 56 longstay units will be built with a combination of modern and traditional Japanese design. The Four Seasons Hotel Kyoto project is slated for completion and opening towards the middle of 2016.

Artist’s impression of Maison Villas, Gotjawal Village,Jeju Airest City, South Korea.

Signing ceremony for the construction contract for theFour Seasons Hotel Kyoto, Japan on 28 March 2014.



Future Projects

Following the success of Phase 1, the Property Division is targeting to launch Phase 2 of The Link 2 at Bukit Jalil in the fourth quarter of 2014. Modelled after the concept of the earlier phase, the proposed Phase 2 of The Link 2 will have 24 units of 4- and 6-storey shops, 260 units of retail outlets and kiosks spread over 5 levels at the street mall, and 3 blocks of 3-bedroom service apartment suites with a total of 621 units. This new phase of mixed-use development is slated to provide homes, amenities and convenience that fulfill the needs of modern urban living, and will be connected to Phase 1 via a linked bridge. The total GDV of the development is approximately RM780 million.

Also, within Bukit Jalil, the Property Division is planning a high-end luxurious condominium project, KM2, to be developed over a land area of 12.24 acres. Spread over 4 blocks, the total of 1,000 units come in various sizes ranging from 1,535 square feet to 2,500 square feet. The entire development has an estimated total gross development value of RM1.6 billion.

In Seputeh Heights, approval has been obtained for Phase 1 of Seputeh Villas comprising 12 bungalow lots with an average size of 11,202 square feet. Phase 2 with proposed 42 units of 4-storey link villas is being conceptualized for submission to the authorities for approval and is targeted to be launched in the fourth quarter of 2014. The 4-storey link villas have an average lot size of 6,075 square feet and built-ups ranging from 23,764 square feet to 19,216 square feet. Judging from the take-up rate of the Division’s Vasana 25 luxurious bungalows and linked bungalows within the same development, the new proposed Seputeh Villas is expected to be well-received. The Division is expected to realise a total gross development value of RM350 million from the sales of these two developments.

The Division plans to launch the first phase of the industrial development at BerjayaCity with 74 units of industrial lots with sizes ranging from one to two acres in the near future. This development is located 50km to the north ofKuala Lumpur and the first phase of development is expected to generate a total gross development value ofRM120 million.

Future Prospects

On the whole, the local property market is anticipated to remain resilient next year despite the various cooling measures imposed by the government to curb speculative buying and stabilise property prices. A stronger GDP outlook for 2014 and prevailing low interest rate environment coupled with strong genuine demand for investment or own occupation has encouraged demand in the property market.

Moving forward, the Property Division is mindful of the challenges that continue to impact the property industry such as rising costs of building materials, potential further

Completed Phase I of Trade Point, Berjaya Park,Shah Alam, Selangor.

Artist’s impression of The Link 2, Bukit Jalil, Kuala Lumpur.

rationalisation of subsidies and labour shortages which will inevitably lead to higher costs of construction. However, the Property Division is cautiously optimistic that with innovative designs and features, its launches of new developments in the much sought-after location of Bukit Jalil and around Klang Valley would be well-received and is hopeful this would translate into encouraging sales.

PROPERTY INVESTMENT

The Property Investment Division (“PI Division”) owns 4 commercial properties comprising Plaza Berjaya, Kuala Lumpur; Wisma Cosway, Kuala Lumpur; Kota Raya Complex, Kuala Lumpur and Berjaya Megamall, Kuantan. Collectively, these properties achieved an average occupancy rate of 90% during the financial year under review as compared to 91% in the previous financial year.

The PI division maintained its revenue of RM36.4 million in the current financial year as there was no significant change in occupancy rates for the complexes. Profit before tax declined slightly to RM22.4 million from RM23.7



A Sports Toto draw in progress.

million in the previous financial year, while profit after tax declined from RM41.1 million to RM12.1 million mainly attributed to the additional deferred tax provision on fair value changes of investment properties following the change in Real Property Gains Tax rate to 5% from 0%.

The Group’s complexes in Kuala Lumpur are expected to remain resilient despite stiff competition from the growing number of complexes in the Klang Valley. With their strategic locations within the Kuala Lumpur city centre and easy accessibility, the Group’s complexes will continue to perform well. The Group’s complexes will “aggressively” to continue to promote themselves in an effort to strengthen their presence in the market place.

GAMING

The toto betting and related activities business segment of the Group is operated via Berjaya Sports Toto Berhad (“BToto”). BToto is principally engaged in the operations of Toto betting, leasing of on-line lottery equipment, and the manufacture and distribution of computerised lottery and voting systems. BToto has four main operating subsidiary companies, namely Sports Toto Malaysia Sdn Bhd, International Lottery & Totalizator Systems, Inc., Berjaya Philippines Inc. and H.R. Owen Plc.

Malaysia

Sports Toto Malaysia Sdn Bhd (“Sports Toto”), the principal operating subsidiary of BToto, operates approximately 680 outlets throughout the country, offering 7 games namely Toto 4D and Toto 4D Jackpot, Toto 5D, Toto 6D, Mega Toto 6/52, Power 6/55 and Supreme Toto 6/58 which are drawn three days in a week.

For the financial year ended 30 April 2014, Sports Toto recorded a revenue of RM3.38 billion compared to the previous year’s revenue of RM3.44 billion. Despite a marginal decrease which was mainly due to the challenging environment during the year, Sports Toto remained as the market leader among all the Number Forecast Operators in the country in terms of total revenue for the financial year under review.

Pre-tax profit decreased by 11.5% to RM497.3 million compared to RM561.7 million in the previous financial year mainly due to a higher prize payout in the financial year under review.

As a result of the above, profit after tax recorded a decrease of 12.6% to RM361.6 million compared to RM413.9 million in the previous financial year. The lower profit after tax margin of 10.7% compared to 12.0% in the previous financial year was mainly due to higher effective tax rate as a result of non-deductible expenses for tax purposes in the year under review.

Philippines

BToto operates in the Philippines through its subsidiary company, Berjaya Philippines Inc. (“BPI”) listed on the Philippine Stock Exchange. Its wholly-owned subsidiary company, Philippine Gaming Management Corporation (“PGMC”), is involved in the business of leasing on-line lottery equipment and providing software support for the Philippine Charity Sweepstakes Office (“PCSO”), a Philippine government agency responsible for lottery and sweepstakes in the Luzon Region.

PGMC recorded a revenue of Peso1.72 billion, a decrease of 12.7% from Peso1.97 billion in the previous financial year due to lower lease rental income earned as a result of a decrease in sales of lotto and digit games by PCSO mainly attributable to lower Jackpots recorded for the Grandlotto 6/55 game during the financial year under review. The EZ2 game (2-number digit) remained as the favourite game among betting customers due to the inherent simplicity of the game and high frequency of draws.

PGMC’s pre-tax profit decreased by 21.8% to Peso1.02 billion, mainly due to lower revenue and higher indirect expenses including charitable donations made to Gawad Kalinga Community Development Foundation Inc. for the construction of houses for the poor community in various parts of the country during the financial year under review.



The United States of America

In the United States, BToto’s subsidiary, International Lottery & Totalizator Systems Inc. (“ILTS”) provides computerized wagering equipment and systems to the online lottery and pari-mutuel racing industries worldwide. ILTS also has a voting business segment operated through Unisyn Voting Solutions Inc. (“Unisysn”) which develops and markets the OpenElect@ digital optical scan election system to election jurisdictions. The OpenElect@ election system is the only digital optical scan voting system built with Java on a streamlined and hardened Linux platform, and Unisyn became the first U.S. voting company to receive, in January 2010, the U.S. 2005 Voluntary Voting System Guidelines (“VVSG”) certification from the United States Election Assistance Commission for its OpenElect@ election system.

ILTS recorded a revenue for the financial year under review of USD22.7 million compared to USD10.6 million in the previous financial year. The significantly higher revenue was primarily due to increased lottery products and hardware component sales related to the gaming and totalizator industries.

ILTS’ pre-tax profit increased to USD4.9 million from USD1.6 million in the previous financial year due to increased sales volume and interest income.

Future Prospects

With its extensive network of outlets in Malaysia and variety of games offered, opportunities exist for Sports Toto to tap further revenue growth. In addition to its ongoing marketing efforts to increase its revenue and market share, Sports Toto will also continue to improve on its operating efficiency and customer service. Overall, BToto anticipates the Number Forecast Operator sector to be resilient and Sports Toto is expected to maintain its market share in the business.

A lotto outlet in the Philippines. Berjaya Makati Hotel, Manila, Philippines.

In the Philippines, PCSO will introduce additional new digit games which will generate more excitement to punters and is anticipated to have a positive impact on PGMC’s revenue.

ILTS will continue to examine new and emerging technologies based on current industry developments with the intention of increasing its customers’ market share, to stay competitive in the market and to explore new markets where its core competencies can be applied.

MOTOR TRADING AND DISTRIBUTION

Bermaz Motor Sdn Bhd (“Bermaz”)

Bermaz is principally involved in the distribution and retailing of Mazda vehicles and provision of after sales services for Mazda vehicles through its own branches and third party dealers in Malaysia. Its Philippines subsidiary, Berjaya Auto Philippines (“BAP”) started operations in January 2013 and is principally involved in the distribution of Mazda vehicles through third party dealers. During the financial year, Bermaz distributed 11 Mazda vehicle models with a total of 23 variants to suit different market segments.

For the financial year under review, Bermaz recorded a 25.7% increase in revenue to RM1.27 billion from RM1.01 billion registered in the previous financial year. The higher revenue was largely due to an increase in motor vehicle sales volume from 8,142 units in the previous financial year to 9,497 units for the financial year under review as a result of good demand for the CX-5 and new Mazda6 models.

In line with the higher revenue and on the back of a healthy gross profit margin that was mainly attributed to favourable exchange rates, product cost improvement and better sales mix, Bermaz’s pre-tax profit increased 132.3% from RM68.1 million in the previous financial year to RM158.2 million in the financial year under review. Mazda has now



grown to be a recognisable car brand in Malaysia since Bermaz took over the distributorship in 2008 as evidenced by the increase of sales volume over the past few financial years.

The new operation in the Philippines, BAP, has also partly contributed to the increase in the overall sales of the motor division’s revenue. The sale in motor vehicle volume increased from 659 units in the previous financial year (4 months in operation in 2013) to 2,283 units for the financial year under review.

Future Prospects

To support the increasing sales volume of Mazda vehicles and the units in operation, Bermaz will continue to expand its after sales service network coverage through the opening of company-owned 3S centres and also appointment of new 3S dealers. New programmes will continue to be established to support the improvement of Mazda’s customer satisfaction index. To maintain and improve the standard of after sales services, Bermaz continuously emphasises on human resource development by having in-house training programmes in collaboration with external professional industrial institutes. A long term sustainability programme for domestic automotive activities is being undertaken by Mazda Malaysia Sdn Bhd (“MMSB”), a joint venture company with Mazda Motor Corporation Japan. Investment in manufacturing facilities and equipment is being carried out by MMSB to increase production capacity and improve quality. MMSB will continue to increase its Completely Knocked Down (“CKD”) programmes for domestic and ASEAN markets as it is one of the ways to drive cost down and contribute towards the local automotive industry.

H.R. Owen Plc. (“HR Owen”)

In the United Kingdom, BPI acquired H.R. Owen, a luxury motor retailer, which operates a number of vehicle dealerships, for both sales and aftersales, in the prestige and specialist car market, predominantly in the London area.

For the six months ended 30 April 2014, H.R. Owen recorded revenue of £144.0 million and profit before tax of £2.4 million. H.R. Owen had cash balances of £12.8 million and vehicle stocking loans (excluding manufacturer stocking loans) of £8.2 million and recorded a cash inflow for the six-month period of £2.2 million.

The United Kingdom motor sector is recording a healthy growth in the volume of cars sold so far in 2014 and H.R. Owen had likewise, also recorded strong sales volume with 407 new cars and 601 used cars being sold in the six-month period. Trading has started very strongly this year and should continue throughout the remainder of 2014. The trading results for the year ending 30 April 2015 is expected to exceed that for the year ended 30 April 2014.

China Car Division

The China Car Division is held under Changan Berjaya Auto Sdn Bhd (“CBA”) and via its 85%-owned subsidiary, Berjaya Brilliance Auto Sdn Bhd (“BBA”). The China Car Division distributes Changan and Jinbei vehicles and operate after sales service centers through own branch and third party dealers in Malaysia.

CBA currently distributes the ERA Star Pick-up SC1022 commercial vehicle targeting petty traders and the Small & Medium Enterprise (SME) market in association with the distribution of Changan International Corporation vehicles from China.

BBA currently distributes two ERA Jinbei commercial van models, namely the ERA Jinbei and the Era Jinbei H2L with a few variants in association with the distribution of Shenyang Brilliance Jinbei Automobile Co. Ltd vehicles from China.

The Mazda3 SKYACTIV was launched in Malaysia in March 2014.

The ERA Star Pick-up.



Berjaya UCH offers Culinary Arts courses.

The China Car Division registered a 15.0% decrease in revenue to RM24.76 million in the financial year under review as compared to RM29.14 million in the previous financial year mainly due to poorer sales recorded by BBA, from 342 units in the previous financial year to 223 units in this financial year under review.

The ERA Star Pick-up model continued to receive good response since it was first sold in September 2011. Sales volume increased from 302 units in the previous financial year to 370 units in this financial year under review.

Operating profit increased to about RM470,000 in the financial year under review from RM8,000 in the previous financial year, mainly due to the lower selling and distribution expenses, and lower finance costs.

However, the China Car Division incurred a pre-tax loss of RM535,000 from a profit before tax of RM3.4 million in the previous financial year, mainly attributed to the provision of doubtful debts and stock write off amounting to RM1.6 million in the financial year under review.

Future Prospects

The China Car Division will continue to improve with the support given by the Principal Manufacturers from China. The Division will introduce new models in the foreseeable future to complement its current range of products.

The Division will continue to build a reputation for distributing quality, reliable and affordable vehicles and provide excellent aftersales service to distinguish itself from other China Car Distributors in Malaysia. It will expand its sales and service network to cover all major cities in Malaysia, thus enabling it to provide better customer service, and in turn, achieve better customer satisfaction.

EDUCATION

Berjaya Higher Education Sdn Bhd (“BHE”), which operates Berjaya University College of Hospitality (“Berjaya UCH”), commenced operations in January 2009. For a young niche university college, Berjaya UCH has created a strong awareness in the local market and is looked upon by many established educational institutions as a major industry player especially in the Culinary and Hospitality courses.

BHE’s revenue increased by 8% to RM21.1 million from RM19.5 million in the previous year. This was mainly due to the average monthly student number base increasing from 1,100 students to 1,200 students.

Overall operating costs were 5% higher than in the previous financial year mainly due to additional premise rental incurred from sub-leasing some of Academy of Nursing Sdn Bhd’s office space, and more aggressive

marketing activities whereby emphasis was put on TV and radio media advertising to create brand awareness. One example is the Asia Food Channel on ASTRO covering both local and overseas markets, and local radio stations.

KRR outlet at Cheras Sentral, Kuala Lumpur.

“Take It Home Feast” from Kenny Rogers Roasters.



With the consistent growth and potential of the education market, BHE is confident that it will continue to improve on its performance in the financial year 2015.

FOOD & BEVERAGE

Berjaya Roasters (M) Sdn Bhd (“BRoasters”)

BRoasters is a wholly-owned subsidiary of Berjaya Food Berhad (“BFood”). Incorporated in 1994, BRoasters is the master franchisee for the KRR chain of restaurants in Malaysia. BRoasters currently has 87 KRR restaurants across Malaysia with at least 15 more restaurants in the pipeline for nationwide expansion in the year 2014 and 2015.

Revenue for BRoasters increased slightly to RM96.0 million from RM95.7 million in the previous financial year.

Whilst BRoasters recorded additional revenue contribution from the opening of 10 new restaurants during the year, it also recorded major drop in revenue for some existing restaurants. In particular, a major drop in revenue was recorded in restaurants in Genting Highlands and Ipoh due to the Genting Theme Park closure and full refurbishment of the Ipoh Parade Shopping Mall.

BRoasters’ profit before tax decreased to RM12.1 million from RM15.4 million in the previous financial year. The decrease of 21.7% was mainly due to increase in labour cost from the full impact of minimum wages implementation, promotion cost and training expenses.

BRoasters will continue with its outlet expansion strategy to add 12 to 15 more outlets, especially in secondary townships. It will also expand its delivery and catering business.

PT Boga Lestari Sentosa (“PT Boga”)

PT Boga in Indonesia was incorporated in June 2006 to manage the development and operation of the KRR chain of restaurants in Java Island. PT Boga is currently operating 16 KRR restaurants across Indonesia in Surabaya, Medan, Jakarta, Tangerang, Cibubur and Bogor.

PT Boga registered a revenue increase of 23% from RM10.9 million in the previous financial year to RM13.4 million in the financial year ended 30 April 2014 mainly due to the opening of 8 new restaurants during the financial year.

Loss before tax increased to RM5.2 million for the financial year ended 30 April 2014 compared to the RM2.8 million loss in the previous financial year, mainly due to the higher imported food cost resulting from the appreciation of the US Dollar and higher operating costs.

The food and beverage industry in Indonesia has become very competitive and challenging due to the presence of

Jollibean outlet at Kallang MRT Station, Singapore.

many local food and beverage players, many of whom are also venturing into international franchise businesses.

Despite these challenges, PT Boga will strive to achieve further growth through the opening of new restaurants, the introduction of new and varied food offerings and more aggressive marketing and promotional activities in the financial year 2015.

Jollibean Foods Pte Ltd (“Jollibean Foods”)

Jollibean Foods, a wholly-owned subsidiary of BFood, holds the sole and exclusive worldwide rights to develop, operate and manage all outlets, stalls and kiosks under the brand names of “Jollibean”, “Sushi Deli”, “Kopi Alley”, “DanGo” and “JFreeze” by Jollibean.

Jollibean Foods has 47outlets in Singapore and is looking to spread its wings further by expanding to the overseas markets in the near future.

Jollibean Foods recorded revenue of SGD14.67 million compared to SGD14.96 million in the previous financial year. The slight decrease was primarily due to the sudden shortage of manpower during the last quarter of the financial year 2013 till February 2014. Hence, Jollibean Foods did not capitalise fully on the higher seasonal sales during the festive period.

The cause of the sudden shortage of manpower was partly due to the revision of manpower quota by the Ministry of Manpower Singapore. The revised quota has limited full-time employment of foreign workers from 50% previously to 45% as of 1 July 2013 and subsequently it was restricted to 40% as of 1 July 2014. Employment of local staff was challenging due to the nature of long working hours and less competitive remuneration in the food and beverage industry.

Pre-tax profit was SGD0.82 million compared to SGD1.1 million last year. The slight drop was due to higher raw material prices, rising manpower cost, increased foreign worker levy imposed by the government, and the impact on depreciation charged due to refurbishment of outlets.



Berjaya Jollibean (M) Sdn Bhd (“BJollibean”)

BJollibean is a wholly-owned subsidiary of Jollibean Foods Pte Ltd. BJollibean opened its first kiosk in Berjaya Times Square Shopping Complex in December 2013 and a second kiosk in Sunway Pyramid. BJollibean aims to penetrate into local snack and beverage markets by opening 5 additional new kiosks in the years 2014 to 2015 and franchise its business once it is established. It will continue to develop new products to ensure a variety of offerings are available to local customers.

Berjaya Starbucks Coffee Company Sdn Bhd (“BStarbucks”)

BStarbucks was 50%-owned by BFood as at 30 April 2014 and became a 100%-owned subsidiary of BCorp with effect from18 September 2014.

Share of profits of BStarbucks consolidated at BFood wasRM17.49 million for the financial year under review. The company’s gross profit remains healthy due to efficiency in managing key areas like labour, cost of goods, utilities and wastages.

Store count grew from 146 to 170 and same store sales registered a 15% growth over last year. Various tactical marketing programmes were adopted to increase revenue such as Summer Happy Hours, Ramadhan BOGO (Buy One Get One), new promotional beverages, and a new thermos and merchandise range. In addition, Starbucks celebrated its 15th Anniversary and launched a limited edition tumbler series featuring the hibiscus, the traditional Wau, Batik and Gasing designs. The limited edition tumblers have received good response from the customers.

The Starbucks card programme registered another strong growth in the financial year ended 30 April 2014 with 46% of transactions via card usage as compared to 39% last year.

Pre-tax profit increased to RM50 million for the year under review compared to RM31 million last year. The increase in pre-tax profit during the year is attributed to its efficiency in managing cost and overheads.

New food items on Starbucks’ menu.

BStarbucks continues to strive to maintain double digit year-on-year profit growth. It targets to open another 25 new stores including 8 drive-thru concept stores which have proven to be very successful. The unique store design and concept will continue as the main focus to strengthen the brand as the market leader of premium coffee beverage.

BStarbucks will improve its menu with more innovative food and beverage product offerings to resonate with customer demand. It will continue to focus on its Starbucks Card introducing innovative card designs and programmes to drive loyalty and spending frequency. Besides, it will also continue its engagement on digital platforms such as mobile apps, e-commerce and social media to increase brand affiliation and connectivity with customers at all times.

Apart from marketing and promotions, it will continue to focus on its human capital development such as its hiring and retention strategy, training strategy and employer branding as part of the company’s overall growth strategy.

With the completion of the acquisition of the remaining 50% equity interest in BStarbucks on 18 September 2014, the Group foresees more impactful contribution to the overall revenue and profits in 2015 and beyond.

KRR and Starbucks were the recipients of The BrandLaureate Best Brands Award 2013 for Food & Beverage – Rotisserie-roasted Chicken, and Food & Beverage – Coffee categories respectively.

Jollibean’s signature soya bean milk.



Roasters Asia Pacific (Hong Kong) Limited (“RAP”)

RAP is the holding company of KRR International Corp, which holds the worldwide franchise rights for the KRR brand. RAP is a wholly-owned subsidiary of BCorp.

For the financial year ended 30 April 2014, RAP registered a slight increase of 0.7% growth in revenue as compared with the previous financial year. The increase was mainly due to an increase in the number of new stores in the markets it is currently operating in, with 174 stores in 2014 as compared to 159 stores in 2013.

Over the years, RAP was able to find a niche within the food and beverage industry, and it is within this niche that RAP will continue to grow and remain competitive, as well as increase its brand recognition in the countries in which it operates.

Kenny Rogers Roasters Catering (Shenzhen) Company Limited (“KRR SZ”)

KRR SZ was established in March 2011 to set up and operate the KRR chain stores in China. Its head office is located in Futian District in Shenzhen.

Its development strategy for the first 5 years is to focus on opening more KRR stores in both Eastern and Southern China, especially in the Shanghai, Guangzhou and Shenzhen areas.

For the financial year under review, KRR SZ recorded an increase in revenue of 15.96%, mainly due to the increase in the number of stores operating in the financial year under review. As at April 2014, there are a total of 7 stores operating for KRR SZ.

KRR SZ will continue to create exciting food and beverage offerings to entice new customers and also encourage repeat business. KRR SZ will use social media sites such as Weibo.com, Dianping.com, Checkoo.com and various discount coupon websites as a promotional tool to further promote the KRR brand in China. KRR SZ will also put

The opening of Papa John’s Pizza’s 23rd outlet inBukit Jalil, Kuala Lumpur.

greater emphasis on training programmes related to product quality and customer service.

Berjaya Papa John’s Pizza Sdn Bhd (“BPJP”)

BPJP opened its first restaurant in Berjaya Times Square on 8 January 2009. Since then, BPJP has opened a total of 26 stores in the Klang Valley, Ipoh and Melaka.

For the financial year ended 30 April 2014, BPJP recorded a revenue of RM19.10 million, an increase of 18% from RM16.14 million in the previous year, with 6 new stores opened during the year. BPJP had recorded a loss in the financial year under review mainly due to the start-up costs of opening new stores.

BPJP is operating in a very challenging environment where stronger competitors have a longer history and larger market share. In order to compete with the other pizza chains in the market, BPJP plans to increase market share and gain a wider customer reach through the opening of more ‘Delivery Concept’ (DelCo) outlets within the next 5 years. It will also expand its existing outlet network in key market areas, and increase its advertising and promotion campaigns to generate new and repeat customer visits.

In the Philippines, Berjaya Pizza (Philippines), Inc (“BPP”) also recorded improvement in revenue from the opening of 4 new stores while its operating loss was due to start-up costs from the expansion of operations.

In executing new store openings, BPP will build only on retail trade areas that have the market to sustain its stores and concentrate on smaller store builds. BPP will also work out a turnaround plan for its existing stores, build transaction counts and sustain double digit like-for-like sales growth in the next three years. With this, BPP targets to reach a breakeven level of sales in three years.

Wen Berjaya Sdn Bhd (“Wen Berjaya”)

For the financial year ended 30 April 2014, Wen Berjaya recorded revenue of RM13.86 million, an increase of 19%

Exchange of documents for the opening of KRRrestaurants in Myanmar.



compared to RM11.67 million in the previous year due to the full year’s impact from its KLCC store which operated for 5 months in the previous financial year.

Under its 5-year development plan, Wen Berjaya targets to open at least 5 new stores per year focusing on high traffic sites such as airports, theme parks, food courts, and standalone drive-thru stores. Wen Berjaya will also increase revenue and market share by introducing new and innovative products as well as exciting offers through aggressive marketing campaigns. With the opening of more stores, Wen Berjaya expects its losses to decline as it continues to achieve economies of scale.

ENVIRONMENTAL AND CLEAN TECHNOLOGY SERVICES

KUB-Berjaya Enviro Sdn Bhd (“KBE”)

KUB-Berjaya Enviro Sdn Bhd (“KBE”) is principally engaged in the treatment of solid waste, involving, amongst others, the development, design, construction, operation, management and maintenance of sanitary landfills and construction activities. KBE manages and operates the Bukit Tagar Sanitary Landfill (“BTSL”) under a long-term agreement with the Government. BTSL currently receives an average of approximately 2,600 tonnes of municipal solid waste per day from Kuala Lumpur and the Selayang District in the state of Selangor. BTSL is located approximately 50km from Kuala Lumpur and is accessible from the North-South Expressway through the purpose-built Bukit Tagar interchange.

KBE has also developed a landfill gas management system to undertake proper management and treatment of methane gas produced from the landfill. KBE derives further commercial value from the landfill gas management system by generating additional revenue through partaking in the Clean Development Mechanism (CDM) scheme under the Kyoto Protocol of the United Nations Framework Convention on Climate Change (UNFCCC), enabling KBE to earn carbon credits by reducing its carbon footprint. Under this scheme, landfill gas is channelled into gas

flares which principally flare off the methane, thus earning carbon credits from the UNFCCC Secretariat. The carbon credits are subsequently sold to other CDM participants. KBE also derives revenue through the supply of green energy to the national grid, Tenaga Nasional Berhad (TNB). Methane is used to run the gas engine to produce electricity, which is sold to TNB under the Feed-in Tariff scheme. To this end, a 100% subsidiary, KUB-Berjaya Energy Sdn Bhd, was incorporated in 2006.

For the financial year ended 30 April 2014, KBE recorded a 6.4% decrease in revenue to RM43.9 million fromRM46.9 million in the previous financial year, while profit before tax was RM24.8 million compared toRM26.4 million in the previous financial year. The lower revenue and profit before tax were primarily due to lower waste tonnage received from DBKL.

KBE’s future plans include securing more private waste customers to increase waste volume; improving on operational efficiency to achieve higher profit margin; exploring additional income streams from the existing business, and sourcing for new landfill projects.

Berjaya Engineering Construction Sdn Bhd (“BEC”)

BEC’s principal activities are project management and construction, sanitary landfill management and solid waste management services. BEC is also engaged in a joint-venture with Bina Puncak Jaya Sdn Bhd to undertake construction projects for the government at Sungai Udang (Melaka), Rimba Mas (Perlis) and Teluk Mengkudu (Perak). The Sungai Udang sanitary landfill in Melaka was awarded to the joint-venture company at RM49.9 million, while the other two projects are currently being finalised. In line with its two principal activities, BEC is registered with the Construction Industry Development Board of Malaysia under the G7 category. BEC has also attained the ISO 9001 certification.

Revenue decreased by 40% from RM4.9 million in the previous year to RM2.9 million for the financial year under review. The lower revenue was attributed to fewer projects secured. Profit before tax for the financial year under review was maintained at RM1 million.

Landfill gas engine and gas treatment system, Bukit Tagar Sanitary Landfill, Selangor.

The Sanitary Landfill in Foshan City, Sanshui District, Guangdong Province, People’s Republic of China.



Moving forward, BEC is looking towards securing projects from the Industrial-Commercial-Institutional (ICI) waste sector, in addition to the provision of project management services for the development of a paper manufacturing plant.

Berjaya Environmental Engineering (Foshan) Co. Ltd. (“BEE”)

BEE was awarded a 28-year concession for a build-operate-transfer sanitary landfill project in Sanshui District, Foshan City, Guangdong Province, People’s Republic of China. Commencing business on 1 July 2011, BEE ’s main revenue was generated from the waste tipping fee paid by the Sanshui District Government for the disposal of collected solid waste. BEE was awarded the Guangdong Provincial 1st Class Sanitary Landfill Award in August 2012, and in February 2013, the China National 1st Class Sanitary Landfill Award.

BEE’s revenue for the financial year under review increased by 36.12% to RMB18.28 million due to higher waste volume. The increase in revenue also resulted in an increase in gross margin to RMB7.87 million as compared to RMB6.36 million in the previous year. Profit before tax also increased correspondingly to RMB4.13 million from RMB3.35 million in the previous year.

The successful development of BEE’s first sanitary landfill project in China provides good reference and showcase for BEE to develop similar projects in the vast Chinese market. BEE has recently received invitations from other District Governments of China to participate in their landfill project tenders.

Berjaya Green Resources Environmental Engineering (Foshan) Co. Ltd. (“BGREE”)

BGREE’s principal activity is to undertake a 25-year wastewater treatment plant concession for the Chinese Government on a build, operate and transfer (BOT) basis, with an associated pipelines project in Jinben Industrial Park, Xinan Sub-district, Sanshui District, Foshan City, Guangdong Province, People’s Republic of China.

The Jinben Wastewater Treatment Plant is constructed to treat industrial wastewater generated by the beverages factories located within the Jinben Industrial Park. Construction of the plant was completed in July 2014 and unit testing and commissioning using clean water is underway. The plant is scheduled to commence operations in November 2014.

In China, environmental projects such as the Jinben Wastewater Treatment Plant are entitled to the Corporate Tax Exemption (3+3) Policy, which is full tax exemption in the first three years of operations and subsequently, 50% of the corporate tax rate for the following three years of operations. Therefore, BGREE foresees substantial profit after tax from the year 2014 to 2016.

The Jinben wastewater treatment plant in Sanshui District, Guangdong Province, People’s Republic of China.

Horizontal sedimentation tank of the surface water plant in Tian Chang City, Anhui Province, People’s Republic of China.

DSG Holdings Limited (“DSG Holdings”)

DSG Holdings has concessions in two potable water treatment plants and one wastewater treatment plant in the Shandong Province and Anhui Province in the People’s Republic of China. DSG Holdings registered a 9% increase in revenue to RMB82.6 million for the financial year under review as compared to the previous year. The revenue for the water treatment plants increased in line with the ramping up of water volume and water tariff, whereas the revenue for the wastewater treatment plant increased according to the contractual minimum guaranteed volume per its concession agreement with the Local Authority. DSG Holdings’ other income are derived from collection of development fees, handling fees and tariff differential payments.

Profit before tax of RMB27.0 million was 27.9% higher than the corresponding 12-month period in the previous financial year.

The plants’ water demand and revenue are expected to grow positively in the coming years and DSG Holdings will continue to develop new projects in similar fields.


Corporate Structureof main subsidiaries and associated companies as at 18 September 2014

CONSUMER MARKETING, DIRECT SELLING & RETAIL, AND MOTOR DISTRIBUTION

INVESTMENTHOLDING & OTHERS

FINANCIAL SERVICES GAMING & LOTTERYMANAGEMENT

Listed Companies

Combined Interest

BERJAYA CORPORATION BERHAD

Cosway Corporation Limited100%

Cosway (M) Sdn Bhd100%

eCosway.com Sdn Bhd100%

Cosway (HK) Ltd100%

Country Farms Sdn Bhd100%

Kimia Suchi Sdn Bhd100%

Berjaya Books Sdn Bhd100%• Borders Bookstores

Mothers En VogueSdn Bhd

51%

Berjaya Group (Cayman) Limited100%

100%Berjaya Engineering& Construction(HK) Limited

100%Berjaya Environmental Engineering (Foshan) Co. Ltd

100%Berjaya Green ResourcesEnvironmental Engineering (Foshan) Co. Ltd

Berjaya Engineering Construction Sdn Bhd

100%

Berjaya Registration Services Sdn Bhd

100%

SecureXpress Services Sdn Bhd100%

KUB - Berjaya Enviro Sdn Bhd60%

DSG Holdings Limited85%

Berjaya Higher Education Sdn Bhd70.6%

Bermaz Motor Sdn Bhd100%

Berjaya Capital Berhad100%

Inter-Pacific Capital Sdn Bhd

91.5%

Inter-Pacific Securities Sdn Bhd

100%

100%Berjaya International Casino Management (Seychelles) Limited

Berjaya Sports Toto Berhad

49.38%

Sports Toto Malaysia Sdn Bhd

100%

Berjaya Philippines Inc88.26%

Philippine Gaming Management Corporation100%

71.32%International Lottery & Totalizator Systems, Inc, USA

Unisyn Voting Solutions, Inc., USA100%

Berjaya Media Berhad13.27%

Informatics Education Ltd, Singapore

28.38%

Magni-Tech Industries Berhad

23.24%

Atlan Holdings Bhd26.30%

Berjaya Auto Berhad50.48%

Berjaya Auto Philippines Inc.

90%

Changan Berjaya Auto Sdn Bhd68.82%

Berjaya Brilliance Auto Sdn Bhd85%

BLoyalty Sdn Bhd100%

Taiga Building Products Ltd, Canada

39%

Inter-Pacific Asset Management Sdn Bhd100%

49%SaigonBank Berjaya Securities Joint Stock Company

Prime Credit Leasing Sdn Bhd

100%

Berjaya Sompo Insurance Berhad30%

H.R. Owen Plc.72.03%

High-5 Conglomerate Berhad

14.35%

Mothers En VoguePte Ltd

100%

Mazda MalaysiaSdn Bhd

30%


Corporate Structureof main subsidiaries and associated companies as at 18 September 2014

HOTELS, RESORTS, VACATION TIMESHARE,RECREATION, AND FOOD & BEVERAGE

PROPERTY INVESTMENT & DEVELOPMENT

Berjaya Food Berhad51.49%

Berjaya Roasters (M) Sdn Bhd

100%

• Kenny Rogers Roasters Restaurants (Malaysia)

Jollibean Foods Pte Ltd100%

Wen Berjaya Sdn Bhd100%• Wendy’s Restaurants

Roasters Asia Pacific (HK) Limited 100%

Berjaya Papa John’s Pizza Sdn Bhd100%

• Papa John’s Pizza Restaurants, Malaysia

Berjaya Pizza Philippines Inc.70%

• Papa John’s Pizza Restaurants, Philippines

Berjaya Krispy Kreme Doughnuts Sdn Bhd70%

Berjaya Jollibean (M) Sdn Bhd100%

Berjaya Hills Berhad100%• Berjaya Hills Golf & Country Club,

Pahang• Colmar Tropicale, Berjaya Hills,

Pahang• Chateau Spa & Wellness Resort,

Berjaya Hills, Pahang

BerjayaCity Sdn Bhd100%• Oil Palm Plantations

Wangsa Tegap Sdn Bhd100%• Menara Bangkok Bank @ Berjaya

Central Park, Jalan Sultan Ismail

100%

• French Village, Hebei Province, China• Les OE Residence, Hebei Province,

China

Berjaya Sanhe Real Estate Development Co Ltd

Taman TAR Development Sdn Bhd100%

• The Peak @ Taman TAR, Ampang, Selangor

Selat Makmur Sdn Bhd100%• Seputeh Heights, KL• Vasana 25, KL• Subang Heights, Shah Alam, Selangor

Pakar Angsana Sdn Bhd80%• Berjaya Park, Shah Alam, Selangor

Sri Panglima Sdn Bhd100%• Taman Kinrara IV, Puchong, KL

Berjaya Land Development Sdn Bhd

100%

• Kelang Lama New Business Center, KL• Gemilang Indah Apartments, KL• Medan Indah, Kota Tinggi, Johor• Taman UPC, Ayer Hitam, Johor• Bandar Banang Jaya, Batu Pahat, Johor• Robson Condominiums, KL• Jesselton Villas, Penang

Klasik Mewah Sdn Bhd100%• Sri Indah Court, Johor Bahru

Berjaya-Handico 12 Co. Ltd80%• Ha Noi Garden City, Hanoi, Vietnam

Berjaya Vietnam Financial Center Ltd100%

• Vietnam Financial Center, Ho Chi Minh City, Vietnam

Berjaya-D2D Co. Ltd75%• Bien Hoa City Square, Dong Nai

Province, Vietnam

Berjaya VIUT Ltd100%• Vietnam International University

Township, Ho Chi Minh City, Vietnam

Berjaya Jeju Resort Limited72.6%• Berjaya Jeju Airest City, Yerae-dong,

South Korea

Kyoto Higashiyama Hospitality Assets Tmk100%

Berjaya Okinawa Development Co. Ltd100%

Berjaya (China) Great Mall Co. Ltd51%

• The Great Mall of China, Hebei Province, People’s Republic of China

Stephen Properties Sdn Bhd100%• Wisma Cosway, KL

Nural Enterprise Sdn Bhd100%• Plaza Berjaya, KL

Kota Raya DevelopmentSdn Bhd100%

• Kota Raya Complex, KL

Cempaka Properties Sdn Bhd100%

• Berjaya Megamall, Kuantan, Pahang• Kuantan Perdana, Kuantan, Pahang

Berjaya Assets Berhad16.38%• Berjaya Times Square, KL• Natural Avenue Sdn Bhd• Berjaya Waterfront Hotel, Johor

Bahru, Johor• Berjaya Waterfront Shopping Mall,

Johor Bahru, Johor

Berjaya Land Berhad58.77%

• 1 Petaling Residences & Commerz @ Sg. Besi, KL

• Petaling Indah Condominiums, KL• 3-Storey Shop Office @ Sg. Besi, KL

Securiservices Sdn Bhd100%

• Kenny Rogers Roasters Restaurants (Indonesia)

PT Boga Lestari Sentosa51%

Berjaya Roasters (Cambodia) Ltd

70%

• Kenny Rogers Roasters Restaurants (Cambodia)

Berjaya Food Supreme Sdn Bhd80%

• Starbucks Cafes, Brunei

Berjaya Starbucks Coffee Company Sdn Bhd100%

• Starbucks Cafes, Malaysia

BTS Hotel Sdn Bhd100%• Berjaya Times Square Hotel, KL

Absolute Prestige Sdn Bhd60%• Piccolo Hotel Kuala Lumpur

Berjaya Vacation Club Berhad100%

Berjaya Vacation Club (Cayman) Limited100%

• Berjaya Eden Park Hotel, London, UK

Berjaya LangkawiBeach Resort Sdn Bhd100%

• Berjaya Langkawi Resort, Kedah

The Taaras Beach & Spa Resort (Redang) Sdn Bhd99.5%

• The Taaras Beach & Spa Resort, Redang Island, Terengganu

• Redang Island Resort, Terengganu

Berjaya Beau Vallon Bay Beach Resort Limited100%

• Berjaya Beau Vallon Bay Resort & Casino, Seychelles

Berjaya Praslin Limited100%• Berjaya Praslin Resort, Seychelles

Berjaya Mount Royal Beach Hotel Limited92.6%

• Berjaya Hotel Colombo, Sri Lanka

T.P.C. Nghi Tam Village Limited75%

• InterContinental Hanoi Westlake, Hanoi, Vietnam

Berjaya Long Beach Limited Liability Company70%

• Long Beach Resort, Phu Quoc Island, Vietnam

Perdana Hotel Philippines Inc100%

• Berjaya Makati Hotel, Makati, Philippines

Bukit Kiara Resort Berhad100%• Bukit Kiara Equestrian & Country

Resort, KL

KDE Recreation Berhad100%• Kelab Darul Ehsan, Selangor

Berjaya Golf Resort Berhad

• Bukit Jalil Golf & Country Resort, KL• Arena Green Apartments, KL• Greenfields Apartments, KL• Green Avenue Condominiums, KL• Savanna Condominiums, KL• Savanna 2, KL• Covillea, KL• Jalil Link @ Bukit Jalil, KL• KM1 West Condominiums, KL• KMI East Condominiums, KL• The Link 2, KL

100%

Staffield Country ResortBerhad80%

• Staffield Country Resort, Negeri Sembilan

Indah Corporation Berhad100%

• Bukit Banang Golf & Country Club, Batu Pahat, Johor

Amat Muhibah Sdn Bhd52.6%• Desa WaterPark, KL

Tioman Island Resort Berhad86.25%

• Berjaya Tioman Resort, Pahang• Tioman Island Resort, Pahang

Georgetown City HotelSdn Bhd100%

• Georgetown City Hotel, Penang

Berjaya Vacation Club (UK) Limited100%

Berjaya Air Sdn Bhd100%

70%Berjaya Hotay Joint Venture Company Limited

• Sheraton Hanoi Hotel, Hanoi, Vietnam


Group Financial Summary

2014 2014 2013 2012 2011 2010

Description USD’000 RM’000 RM’000 RM’000 RM’000 RM’000

Revenue 2,677,616 8,729,027 7,376,047 7,055,417 7,043,612 6,757,534 Profit Before Tax 160,695 523,866 575,262 849,197 861,802 595,598 Profit After Tax 39,233 127,899 325,822 599,979 626,239 390,068 (Loss)/Profit Attributable To Shareholders (45,681) (148,920) 74,978

311,837 352,419 80,950

Share Capital 1,319,217 4,300,648 4,294,836 4,269,224 4,221,301 4,021,886 Equity Component of ICULS 135,711 442,417 448,822 462,861 176,869 313,414 Reserves 319,132 1,040,371 1,179,044 1,157,464 1,685,211 1,625,751

Equity Funds 1,774,060 5,783,436 5,922,702 5,889,549 6,083,381 5,961,051 Treasury shares (25,424) (82,882) (80,494) (73,721) (37,323) (3,680)

Net Equity Funds 1,748,636 5,700,554 5,842,208 5,815,828 6,046,058 5,957,371 Non-controlling interests 1,623,643 5,293,076 4,981,194 4,897,149 4,773,263 4,824,281

Total Equity 3,372,279 10,993,630 10,823,402 10,712,977 10,819,321 10,781,652 ICULS and Bonds 83,720 272,926 405,232 253,642 716,381 730,364 Long Term Liabilities 1,375,853 4,485,281 3,179,938 3,778,761 2,158,488 2,243,472 Current Liabilities 1,484,471 4,839,376 4,702,042 3,750,212 4,217,517 4,108,288

Total Equity and Liabilities 6,316,323 20,591,213 19,110,614 18,495,592 17,911,707 17,863,776

Property, Plant & Equipment 954,163 3,110,571 2,903,823 2,883,381 2,827,344 2,830,582 Intangible Assets 1,896,027 6,181,047 6,050,316 6,019,624 5,893,071 6,112,791 Investments & Long Term Receivables 1,640,125

5,346,809 5,368,465 4,559,751

4,001,935 4,232,495

Current Assets 1,826,008 5,952,786 4,788,010 5,032,836 5,189,357 4,687,908

Total Assets 6,316,323 20,591,213 19,110,614 18,495,592 17,911,707 17,863,776

Total number of shares with voting rights in issue

4,216,948

4,216,948 4,215,536 4,200,724 4,188,201 4,018,906

Net Assets Per Share 0.38 1.25 1.28 1.27 1.40 1.40 Net (Loss)/Earnings Per Share (Cents/Sen) (0.9) (2.65) 1.79 7.1 8.1 2.0 Dividend Rate (%) 1.00 1.00 1.00 1.00 7.00 1.00 Total Net Dividend Amount (USD’000/RM’000) 12,935* 42,169* 42,115 42,104 293,826 41,850

Notes:

The figures above are presented based on the audited financial statements for the financial years ended 30 April.

Where additional shares are issued, the earnings/(loss) per share is calculated based on a weighted average number of shares with voting rights in issue.

Net Assets Per Share represents the net equity funds less equity component of ICULS divided by the number of outstanding shares in issue with voting rights.

Exchange rate: US$1.00=RM3.26

* The proposed final dividend of 1% single-tier exempt dividend is subject to Berjaya Corporation Berhad (“BCorp”) shareholders’approval at the Annual General Meeting.

Documents

Contents The corporate logo comprises the word BERJAYA in gold and a symbol made up of closely interwoven Bs in rich cobalt blue with gold lining around the circumference and a gold